[{"id":99260,"question":"If the gross profit is Rs. 5000 and the net profit is 35% of the gross profit then the expenses must be","choices":[{"text":"3250","value":"A"},{"text":"1250","value":"B"},{"text":"3750","value":"C"},{"text":"1750","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":99259,"question":"Net profit plus expenses is equal to","choices":[{"text":"purchases","value":"A"},{"text":"Cost of goods sold","value":"B"},{"text":"Capital","value":"C"},{"text":"Gross profit","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":99258,"question":"Which account is a summary of direct expenses and direct revenues","choices":[{"text":"Trading and profit or loss account","value":"A"},{"text":"Profit or loss account","value":"B"},{"text":"Balance sheet","value":"C"},{"text":"Trading account","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":99257,"question":"The valuation of closing stock is at","choices":[{"text":"Cost price","value":"A"},{"text":"Market price","value":"B"},{"text":"Cost or market price whichever is lower","value":"C"},{"text":"Cost or market price whichever is higher","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":99256,"question":"Excise duty is a","choices":[{"text":"Direct revenue","value":"A"},{"text":"Indirect revenue","value":"B"},{"text":"Direct expense","value":"C"},{"text":"Indirect expense","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":99255,"question":"Profit or loss appropriation account is not prepared in the case of","choices":[{"text":"Partnership","value":"A"},{"text":"Joint stock company","value":"B"},{"text":"Sole tradership","value":"C"},{"text":"Partnership at will","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":99254,"question":"The price of goods sold or services rendered to the customers is called","choices":[{"text":"Sale","value":"A"},{"text":"Profit","value":"B"},{"text":"Expense","value":"C"},{"text":"Revenue","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":99253,"question":"Net profit is equal to","choices":[{"text":"Gross profit - expenses","value":"A"},{"text":"Sales - Cost of goods sold","value":"B"},{"text":"Sales - expenses","value":"C"},{"text":"Capital - expenses","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":99252,"question":"Cash of sales is equal to","choices":[{"text":"Sales - purchases","value":"A"},{"text":"Purchases - return + closing stock","value":"B"},{"text":"Opening stock + Purchases (Net) - Closing stock","value":"C"},{"text":"Sales + Opening stock - (Purchases + Closing stock)","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":99251,"question":"Gross profit equals to","choices":[{"text":"Net profit minus expenses","value":"A"},{"text":"Sales minus closing stock","value":"B"},{"text":"Purchases minus closing stock","value":"C"},{"text":"Sales minus cost of goods sold","value":"D"},{"value":"E"}],"correctAnswer":2}]