Accounting Test Easy Mode

Sr. #	Questions	Answers Choice
1	Sales are equal to	Cost of goods sold + Profit Gross profit - cost of goods sold Cost of goods sold - gross profit None of these
2	The amount by which the revenue for a particular period of time exceed from expenses incurred to generate them is called	Gross income Net income Revenue Expenses
3	Cost incurred to generate revenue is called	Revenue Cost Expense Liability
4	The inflow of assets in return for services performed or products delivered during a period is	Asset Revenue Non current asset None of these
5	A statement which is prepared to know the financial position of a business on a particular date, is called	Balance sheet Statement of condition Position statement All of above

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