Question # 1

Stock is trade is a

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Current asset

Non-current asset

Quick asset

Intangible asset

It is prepared to determine the net profit or net loss

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Trading account

Profit or loss account

Cash book

Balance sheet

Profit or loss appropriation account is not prepared in the case of

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Partnership

Joint stock company

Sole tradership

Partnership at will

Assets which have no market value are called

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Wasting assets

Fictitious assets

Intangible assets

Tangible assets

Excise duty is a

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Direct revenue

Indirect revenue

Direct expense

Indirect expense

Expenses related to sale of goods are shown in

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Trading account

Profit or loss account

Balance sheet

Sales account

If sales are Rs. 12000 Gross profit is 10% of sales and net profit is 5% of sales then the expenses will be

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1200

600

1800

2400

It is prepaid to determine the gross profit or gross loss

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Trading account

Profit or loss account

Balance sheet

None of these

The price of goods sold or services rendered to the customers is called

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Sale

Profit

Expense

Revenue

Drawings are deducted from

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Sales

Income

Capital

Expenses

Net profit is equal to

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Gross profit - expenses

Sales - Cost of goods sold

Sales - expenses

Capital - expenses

Net sales are equal to sales minus

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Returns inwards

Returns outwards

Cost of goods sold

carriage on sales

Debts which are repayable in the course of less than one year bur more than one month are called

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Quick liabilities

Deferred liabilities

Contingent liabilities

Liquid liabilities

A balance sheet is a

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Statement of income and expenditure

Statement of debtors and creditors

Financial statement of a business on a particular date

Statement of profit earned by a busniess

Position statement is similar to a

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Trial balance

Balance sheet

Financial statement

Bank reconciliation statement

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Principles of accounting Icom Part 1 English Medium Chapter 9 Online Test MCQs With Answers

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