Question # 1

Expenses related to sale of goods are shown in

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Trading account

Profit or loss account

Balance sheet

Sales account

Position statement is similar to a

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Trial balance

Balance sheet

Financial statement

Bank reconciliation statement

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

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

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

Net sales are equal to sales minus

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Returns inwards

Returns outwards

Cost of goods sold

carriage on sales

Net profit is equal to

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Gross profit - expenses

Sales - Cost of goods sold

Sales - expenses

Capital - expenses

Which of the following discloses the financial position of the business

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Trading account

Profit or loss account

Profit or loss appropriation account

Balance sheet

Stock is trade is a

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Current asset

Non-current asset

Quick asset

Intangible asset

Excise duty is a

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Direct revenue

Indirect revenue

Direct expense

Indirect expense

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

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

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