11th class Principles of Accounting chapter 12 online mcq test with answers for I.Com part 1 Principles of Accounting chapter 12(Financial Statements)

This online test contains MCQs about following topics:

. Cost of goods sold . Income statement . Balance sheet . Difference between income statement and trading and profit and loss account

ICOM Part 1 Accounting Ch 12 Test

Start Accounting Ch 12 Test

ICOM Part 1 English Medium Subjects

Principles of Accounting

Principles of Economics

Principles of Commerce

ICOM Part 1 Urdu Medium Subjects

Principles of Commerce

Principles of Economics

Principles of Accounting

Top Scorers Of Chapter 12 "Principles of accounting Icom Part 1 English Medium Chapter 12 Online Test" MCQ`s Test

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Maher Naveed 27 - Dec - 2023 08 Min 08 Sec 10/15

ICom Part 1 Principles of Accounting Chapter 12 Important MCQ's

Sr.#	Question	Answer
1	The margin that is available to cover the other expenses for a period and to yield net income is known as	A. Net profit B. Gross profit C. Net sales D. Cost of goods sold
2	Allowance for discount on account receivable is calculated on the amount of account receivable	A. Before deducting the allowance for doubtful debts B. Left after deducting the allowance for doubtful debts C. Before deducting the actual bad debts D. None of these
3	A statement which is prepared to know the financial position of a business on a particular date, is called	A. Balance sheet B. Statement of condition C. Position statement D. All of above
4	Net purchases are equal to	A. Sales - returns outwards B. Purchases + returns inwards C. Purchases - returns outwards D. Purchases + returns outwards
5	Which one of the following is a direct expense?	A. Packing expense B. Advertisement expense C. Manufacturing expense D. Traveling expense
6	The amount by which the revenue for a particular period of time exceed from expenses incurred to generate them is called	A. Gross income B. Net income C. Revenue D. Expenses
7	Which one of the following is a direct expense?	A. Custom duty B. Carriage C. Wages D. All of above
8	Allowance for doubtful debts normally has a	A. Debit balance B. Credit balance C. Both debit & credit balance D. None of these
9	A statement which i prepared to ascertain the net income or net loss for a specific accounting period is called	A. Position statement B. Statement of condition C. Financial statement D. Bank reconciliation statement
10	Net sales - cost of goods sold - operating expenses = ?	A. Net purchases B. Cost of goods sold available for sale C. Net operating income D. Gross Profit

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First Year Principles of Accounting Chapter 12 Online MCQ Test for 1st Year Principles of Accounting Chapter 12 (Financial Statements)

ICOM Part 1 English Medium Subjects

ICOM Part 1 Urdu Medium Subjects

MCQ's Test For Chapter 12 "Principles of accounting Icom Part 1 English Medium Chapter 12 Online Test"

Principles of accounting Icom Part 1 English Medium Chapter 12 Online Test

Allowance for doubtful debts normally has a

Net sales - cost of goods sold - operating expenses = ?

Net sales equal to

The expenses which are incurred for the generation of revenues from the sales of goods are called

The amount by which the revenue for a particular period of time exceed from expenses incurred to generate them is called

Which one of the following is a direct expense?

Cost of goods sold is equal to

From the business point of view, interest on drawings is

Which one of the following is a direct expense?

A statement which is prepared to know the financial position of a business on a particular date, is called

Net purchases are equal to

Income statement is prepared to ascertain the net result of the business concern under

The gross amount of goods sold or services performed during an accounting period is known as

Cost incurred to generate revenue is called

Sales are equal to

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11th Principles of Accounting Chapter 12 Test

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ICom Part 1 Principles of Accounting Chapter 12 Important MCQ's

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