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"

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  • Total Questions15

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

00:00
Question # 1

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

Question # 2

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

Question # 3

Cost of goods sold is equal to

Question # 4

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

Question # 5

All expenses connected with the office and its conduct are called

Question # 6

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

Question # 7

The inflow of assets in return for services performed or products delivered during a period is

Question # 8

Which one of the following is a direct expense?

Question # 9

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

Question # 10

Net purchases are equal to

Question # 11

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

Question # 12

Sales are equal to

Question # 13

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

Question # 14

Allowance for doubtful debts normally has a

Question # 15

Net sales equal to

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

Sr.# Question Answer
1 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
2 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
3 From the business point of view, interest on drawings is
A. An asset
B. An expense
C. A liability
D. A revenue
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 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
6 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
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 All expenses connected with the office and its conduct are called
A. Selling expenses
B. Marketing expenses
C. Service expenses
D. Administrative expenses
9 Which one of the following is a direct expense?
A. Custom duty
B. Carriage
C. Wages
D. All of above
10 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

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