11th class Principles of Accounting chapter 9 online mcq test with answers for I.Com part 1 Principles of Accounting chapter 9(Final Accounts)

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

Sr. #	Questions	Answers Choice
1	The valuation of closing stock is at	Cost price Market price Cost or market price whichever is lower Cost or market price whichever is higher
2	Excise duty is a	Direct revenue Indirect revenue Direct expense Indirect expense
3	Profit or loss appropriation account is not prepared in the case of	Partnership Joint stock company Sole tradership Partnership at will
4	The price of goods sold or services rendered to the customers is called	Sale Profit Expense Revenue
5	Net profit is equal to	Gross profit - expenses Sales - Cost of goods sold Sales - expenses Capital - expenses
6	Cash of sales is equal to	Sales - purchases Purchases - return + closing stock Opening stock + Purchases (Net) - Closing stock Sales + Opening stock - (Purchases + Closing stock)
7	Gross profit equals to	Net profit minus expenses Sales minus closing stock Purchases minus closing stock Sales minus cost of goods sold
8	Which of the following discloses the financial position of the business	Trading account Profit or loss account Profit or loss appropriation account Balance sheet
9	It is prepared to determine the net profit or net loss	Trading account Profit or loss account Cash book Balance sheet
10	It is prepaid to determine the gross profit or gross loss	Trading account Profit or loss account Balance sheet None of these