Question # 1

An operating statement is similar to a

Choose an answer

Balance sheet

bank reconciliation statement

Financial statement

Profit or loss statement

Goodwill, patent, copyright and trade mark are

Choose an answer

Wasting assets

Intangible assets

Fictitious assets

Liquid assets

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

Choose an answer

3250

1250

3750

1750

Net profit plus expenses is equal to

Choose an answer

purchases

Cost of goods sold

Capital

Gross profit

Which of the following discloses the financial position of the business

Choose an answer

Trading account

Profit or loss account

Profit or loss appropriation account

Balance sheet

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

Choose an answer

Partnership

Joint stock company

Sole tradership

Partnership at will

The valuation of closing stock is at

Choose an answer

Cost price

Market price

Cost or market price whichever is lower

Cost or market price whichever is higher

Assets which have no physical existence are called

Choose an answer

Tangible assets

Fictitious assets

Liquid assets

Intangible assets

Drawings are deducted from

Choose an answer

Sales

Income

Capital

Expenses

Gross profit equals to

Choose an answer

Net profit minus expenses

Sales minus closing stock

Purchases minus closing stock

Sales minus cost of goods sold

Stock is trade is a

Choose an answer

Current asset

Non-current asset

Quick asset

Intangible asset

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer