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11th Principles of Accounting Chapter 12 Test

Here you can prepare 11th Principles of Accounting English Medium Chapter 12 Financial Statements Test. Click the button for 100% free full practice test.

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

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

Sr. # Questions Answers Choice
1 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
2 Which one of the following is a direct expense?
  • A. Packing expense
  • B. Advertisement expense
  • C. Manufacturing expense
  • D. Traveling expense
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 Net sales equal to
  • A. Sales - Returns outwards
  • B. Sales + Returns inwards
  • C. Sales - Returns inwards
  • D. Purchases - Returns inwards
5 Allowance for doubtful debts normally has a
  • A. Debit balance
  • B. Credit balance
  • C. Both debit & credit balance
  • D. None of these
6 Which one of the following is a direct expense?
  • A. Custom duty
  • B. Carriage
  • C. Wages
  • D. All of above
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 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
9 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
10 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

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