Question # 1

Gross profit equals to

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Net profit minus expenses

Sales minus closing stock

Purchases minus closing stock

Sales minus cost of goods sold

The valuation of closing stock is at

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Cost price

Market price

Cost or market price whichever is lower

Cost or market price whichever is higher

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

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

Goodwill, patent, copyright and trade mark are

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Wasting assets

Intangible assets

Fictitious assets

Liquid assets

Net profit plus expenses is equal to

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purchases

Cost of goods sold

Capital

Gross profit

If the gross profit is Rs. 5000 and the net profit is 35% of the gross profit then the expenses must be

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3250

1250

3750

1750

An operating statement is similar to a

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Balance sheet

bank reconciliation statement

Financial statement

Profit or loss statement

Drawings are deducted from

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Sales

Income

Capital

Expenses

Excise duty is a

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Direct revenue

Indirect revenue

Direct expense

Indirect expense

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

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

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