Accounting Test Easy Mode

Sr. #	Questions	Answers Choice
1	The concession given by the supplier to the buyer on purchases of good is known as:	Sales discount Trade discount Purchase discount Discount received
2	The excess of gross profit on sale over total operating expenses is called:	Cost of goods sold Gross profit Net profit None-operating income
3	All the direct expenses are charged to:	Balance sheet Profit and loss account Trading account None of these
4	Retiring a bill under rebate means:	Making payment for the bill before the due date Making payment for the bill after the due date Dishonouring bill None of the above
5	All the time of endorsement of a bill the drawer credits:	The drawee account The endorser's personal account Bill receivable account Endorser's account

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