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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Ayyan Shiekh 23 - Jun - 2026 02 Min 18 Sec 14/15
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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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Rafaqat ali 23 - Jun - 2021 03 Min 23 Sec 13/15
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Maryam Nazar 21 - Apr - 2026 03 Min 21 Sec 12/15
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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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Arzoo Qaiser 31 - Jan - 2026 02 Min 33 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	Which one of the following is a direct expense?	A. Packing expense B. Advertisement expense C. Manufacturing expense D. Traveling expense
2	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
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	Cost incurred to generate revenue is called	A. Revenue B. Cost C. Expense D. Liability
5	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
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	Allowance for doubtful debts normally has a	A. Debit balance B. Credit balance C. Both debit & credit balance D. None of these
8	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
9	Net purchases are equal to	A. Sales - returns outwards B. Purchases + returns inwards C. Purchases - returns outwards D. Purchases + returns outwards
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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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 sales - cost of goods sold - operating expenses = ?

Net purchases are equal to

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

Net sales 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

Which one of the following is a direct expense?

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

Allowance for doubtful debts normally has a

Sales are equal to

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

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

From the business point of view, interest on drawings is

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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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