First Year Principles of Accounting Chapter 12 Online MCQ Test for 1st Year 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

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Principles of Accounting

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

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

  • Total Questions15

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

00:00
Question # 1

All expenses connected with the office and its conduct are called

Question # 2

Allowance for discount on account receivable is calculated on the amount of account receivable

Question # 3

The margin that is available to cover the other expenses for a period and to yield net income is known as

Question # 4

Which one of the following is a direct expense?

Question # 5

Which one of the following is a direct expense?

Question # 6

A statement which i prepared to ascertain the net income or net loss for a specific accounting period is called

Question # 7

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

Question # 8

Cost incurred to generate revenue is called

Question # 9

Net purchases are equal to

Question # 10

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

Question # 11

Sales are equal to

Question # 12

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

Question # 13

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

Question # 14

Net sales equal to

Question # 15

Cost of goods sold is equal to

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

Sr.# Question Answer
1 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
2 Which one of the following is a direct expense?
A. Custom duty
B. Carriage
C. Wages
D. All of above
3 Sales are equal to
A. Cost of goods sold + Profit
B. Gross profit - cost of goods sold
C. Cost of goods sold - gross profit
D. None of these
4 The expenses which are incurred for the generation of revenues from the sales of goods are called
A. Non-operating expenses
B. Selling expenses
C. Operation expenses
D. Administrative expenses
5 Cost incurred to generate revenue is called
A. Revenue
B. Cost
C. Expense
D. Liability
6 Cost of goods sold is equal to
A. sales - purchases
B. purchases + closing stock - returns outwards
C. Opening stock - closing stock + purchase + returns inwards
D. Opening stock + purchases - returns outwards - closing stock
7 The inflow of assets in return for services performed or products delivered during a period is
A. Asset
B. Revenue
C. Non current asset
D. None of these
8 Which one of the following is a direct expense?
A. Packing expense
B. Advertisement expense
C. Manufacturing expense
D. Traveling expense
9 Net sales equal to
A. Sales - Returns outwards
B. Sales + Returns inwards
C. Sales - Returns inwards
D. Purchases - Returns inwards
10 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

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