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

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Principles of accounting Icom Part 1 English Medium Online Test

Sr. # Questions Answers Choice
1 Which one of the following is a direct expense? Custom duty Carriage Wages All of above
2 Net sales equal to Sales - Returns outwards Sales + Returns inwards Sales - Returns inwards Purchases - Returns inwards
3 Net purchases are equal to Sales - returns outwards Purchases + returns inwards Purchases - returns outwards Purchases + returns outwards
4 The gross amount of goods sold or services performed during an accounting period is known as Purchase Sale Gross profit Net profit
5 Cost of goods sold is equal to sales - purchases purchases + closing stock - returns outwards Opening stock - closing stock + purchase + returns inwards Opening stock + purchases - returns outwards - closing stock
6 Sales are equal to Cost of goods sold + Profit Gross profit - cost of goods sold Cost of goods sold - gross profit None of these
7 The amount by which the revenue for a particular period of time exceed from expenses incurred to generate them is called Gross income Net income Revenue Expenses
8 Cost incurred to generate revenue is called Revenue Cost Expense Liability
9 The inflow of assets in return for services performed or products delivered during a period is Asset Revenue Non current asset None of these
10 A statement which is prepared to know the financial position of a business on a particular date, is called Balance sheet Statement of condition Position statement All of above
11 A statement which i prepared to ascertain the net income or net loss for a specific accounting period is called Position statement Statement of condition Financial statement Bank reconciliation statement
12 The excess of credit column over debit column in income statement is called Net loss Net profit Cash balance Gross profit
13 The amount of assets, liabilities, capital and drawings are extended form adjusted trail balance to the Balance sheet columns Income statement columns Cash columns Bank columns
14 Financial statement is prepared from the amount given in Trail balance columns Adjustments columns Cash columns Adjusted trail balance columns
15 Which one of the following in used to simplify work, to be done at the end of period Balance sheet Income sheet Bank statement Work sheet
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