11th Class ICom Part 1 Principles of Accounting Chapter Wise Online MCQ Test With Answers PDF

Principles of accounting Icom Part 1 English Medium Online Test

Sr. #	Questions	Answers Choice
1	Debts which are repayable in the course of less than one year bur more than one month are called	Quick liabilities Deferred liabilities Contingent liabilities Liquid liabilities
2	Goodwill, patent, copyright and trade mark are	Wasting assets Intangible assets Fictitious assets Liquid assets
3	Net sales are equal to sales minus	Returns inwards Returns outwards Cost of goods sold carriage on sales
4	Assets which have no market value are called	Wasting assets Fictitious assets Intangible assets Tangible assets
5	Stock is trade is a	Current asset Non-current asset Quick asset Intangible asset
6	An operating statement is similar to a	Balance sheet bank reconciliation statement Financial statement Profit or loss statement
7	Assets which have no physical existence are called	Tangible assets Fictitious assets Liquid assets Intangible assets
8	Drawings are deducted from	Sales Income Capital Expenses
9	If sales are Rs. 12000 Gross profit is 10% of sales and net profit is 5% of sales then the expenses will be	1200 600 1800 2400
10	Position statement is similar to a	Trial balance Balance sheet Financial statement Bank reconciliation statement
11	If the gross profit is Rs. 5000 and the net profit is 35% of the gross profit then the expenses must be	3250 1250 3750 1750
12	Net profit plus expenses is equal to	purchases Cost of goods sold Capital Gross profit
13	Which account is a summary of direct expenses and direct revenues	Trading and profit or loss account Profit or loss account Balance sheet Trading account
14	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
15	Excise duty is a	Direct revenue Indirect revenue Direct expense Indirect expense

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