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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hamza abid 18 - Aug - 2021 10 Min 50 Sec 15/15
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Duaa 15 - Dec - 2021 02 Min 33 Sec 14/15
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majid arif 04 - Jul - 2021 08 Min 45 Sec 14/15
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jiakhan 26 - Apr - 2018 01 Min 35 Sec 13/15
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Rafaqat ali 23 - Jun - 2021 03 Min 23 Sec 13/15
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Muhammad furqan 18 - Aug - 2018 04 Min 52 Sec 12/15
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Niaz 17 - Sep - 2022 03 Min 01 Sec 11/15
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Maryam 14 - Mar - 2019 03 Min 51 Sec 11/15
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kalsoom 11 - Jan - 2024 04 Min 05 Sec 11/15
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eman 19 - May - 2018 03 Min 08 Sec 10/15
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saleem 03 - Apr - 2018 03 Min 18 Sec 10/15
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Maher Naveed 27 - Dec - 2023 08 Min 08 Sec 10/15
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Ubaid shah 22 - Jan - 2019 09 Min 01 Sec 10/15

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

Sr.#	Question	Answer
1	Net sales equal to	A. Sales - Returns outwards B. Sales + Returns inwards C. Sales - Returns inwards D. Purchases - Returns inwards
2	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
3	Income statement is prepared to ascertain the net result of the business concern under	A. British accounting system B. American accounting system C. Cash system of accounting D. None of these
4	Which one of the following is a direct expense?	A. Packing expense B. Advertisement expense C. Manufacturing expense D. Traveling expense
5	Cost incurred to generate revenue is called	A. Revenue B. Cost C. Expense D. Liability
6	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
7	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
8	Allowance for doubtful debts normally has a	A. Debit balance B. Credit balance C. Both debit & credit balance D. None of these
9	From the business point of view, interest on drawings is	A. An asset B. An expense C. A liability D. A revenue
10	Net purchases are equal to	A. Sales - returns outwards B. Purchases + returns inwards C. Purchases - returns outwards D. Purchases + returns outwards

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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

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

Net purchases are equal to

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

Which one of the following is a direct expense?

Which one of the following is a direct expense?

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

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

Cost incurred to generate revenue is called

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

All expenses connected with the office and its conduct are called

Sales are equal to

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

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

Allowance for doubtful debts normally has a

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

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11th Principles of Accounting Chapter 12 Test

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

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

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