Accounting Test Easy Mode

Sr. #	Questions	Answers Choice
1	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
2	Net profit plus expenses is equal to	purchases Cost of goods sold Capital Gross profit
3	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
4	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
5	Excise duty is a	Direct revenue Indirect revenue Direct expense Indirect expense

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