Accounting Test Easy Mode

Sr. #	Questions	Answers Choice
1	Income statement is prepared to ascertain the net result of the business concern under	British accounting system American accounting system Cash system of accounting None of these
2	Net sales - cost of goods sold - operating expenses = ?	Net purchases Cost of goods sold available for sale Net operating income Gross Profit
3	All expenses connected with the office and its conduct are called	Selling expenses Marketing expenses Service expenses Administrative expenses
4	The expenses which are incurred for the generation of revenues from the sales of goods are called	Non-operating expenses Selling expenses Operation expenses Administrative expenses
5	The margin that is available to cover the other expenses for a period and to yield net income is known as	Net profit Gross profit Net sales Cost of goods sold

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