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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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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Arzoo Qaiser 31 - Jan - 2026 02 Min 33 Sec 10/15
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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

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

Sr.#	Question	Answer
1	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
2	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
3	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
4	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
5	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
6	The gross amount of goods sold or services performed during an accounting period is known as	A. Purchase B. Sale C. Gross profit D. Net profit
7	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
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	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
10	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

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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

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

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

Net sales equal to

Allowance for doubtful debts normally has a

From the business point of view, interest on drawings is

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

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

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

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

Cost of goods sold is equal to

Net purchases are equal to

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

Which one of the following is a direct expense?

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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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