Accounting Test Easy Mode

Sr. #	Questions	Answers Choice
1	Profit or loss appropriation account is not prepared in the case of	Partnership Joint stock company Sole tradership Partnership at will
2	The price of goods sold or services rendered to the customers is called	Sale Profit Expense Revenue
3	Net profit is equal to	Gross profit - expenses Sales - Cost of goods sold Sales - expenses Capital - expenses
4	Cash of sales is equal to	Sales - purchases Purchases - return + closing stock Opening stock + Purchases (Net) - Closing stock Sales + Opening stock - (Purchases + Closing stock)
5	Gross profit equals to	Net profit minus expenses Sales minus closing stock Purchases minus closing stock Sales minus cost of goods sold

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