[{"id":99331,"question":"Which one of the following is a direct expense?","choices":[{"text":"Custom duty","value":"A"},{"text":"Carriage","value":"B"},{"text":"Wages","value":"C"},{"text":"All of above","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":99330,"question":"Net sales equal to","choices":[{"text":"Sales - Returns outwards","value":"A"},{"text":"Sales + Returns inwards","value":"B"},{"text":"Sales - Returns inwards","value":"C"},{"text":"Purchases - Returns inwards","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":99329,"question":"Net purchases are equal to","choices":[{"text":"Sales - returns outwards","value":"A"},{"text":"Purchases + returns inwards","value":"B"},{"text":"Purchases - returns outwards","value":"C"},{"text":"Purchases + returns outwards","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":99328,"question":"The gross amount of goods sold or services performed during an accounting period is known as","choices":[{"text":"Purchase","value":"A"},{"text":"Sale","value":"B"},{"text":"Gross profit","value":"C"},{"text":"Net profit","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":99327,"question":"Cost of goods sold is equal to","choices":[{"text":"sales - purchases","value":"A"},{"text":"purchases + closing stock - returns outwards","value":"B"},{"text":"Opening stock - closing stock + purchase + returns inwards","value":"C"},{"text":"Opening stock + purchases - returns outwards - closing stock","value":"D"},{"value":"E"}],"correctAnswer":4},{"id":99326,"question":"Sales are equal to","choices":[{"text":"Cost of goods sold + Profit","value":"A"},{"text":"Gross profit - cost of goods sold","value":"B"},{"text":"Cost of goods sold - gross profit","value":"C"},{"text":"None of these","value":"D"},{"value":"E"}],"correctAnswer":1},{"id":99325,"question":"The amount by which the revenue for a particular period of time exceed from expenses incurred to generate them is called","choices":[{"text":"Gross income","value":"A"},{"text":"Net income","value":"B"},{"text":"Revenue","value":"C"},{"text":"Expenses","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":99324,"question":"Cost incurred to generate revenue is called","choices":[{"text":"Revenue","value":"A"},{"text":"Cost","value":"B"},{"text":"Expense","value":"C"},{"text":"Liability","value":"D"},{"value":"E"}],"correctAnswer":3},{"id":99323,"question":"The inflow of assets in return for services performed or products delivered during a period is","choices":[{"text":"Asset","value":"A"},{"text":"Revenue","value":"B"},{"text":"Non current asset","value":"C"},{"text":"None of these","value":"D"},{"value":"E"}],"correctAnswer":2},{"id":99322,"question":"A statement which is prepared to know the financial position of a business on a particular date, is called","choices":[{"text":"Balance sheet","value":"A"},{"text":"Statement of condition","value":"B"},{"text":"Position statement","value":"C"},{"text":"All of above","value":"D"},{"value":"E"}],"correctAnswer":4}]