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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MCQ's Test For Chapter 12 "Principles of accounting Icom Part 1 English Medium Chapter 12 Online Test"

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

00:00
Question # 1

Cost of goods sold is equal to

Question # 2

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

Question # 3

Cost incurred to generate revenue is called

Question # 4

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

Question # 5

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

Question # 6

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

Question # 7

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

Question # 8

Which one of the following is a direct expense?

Question # 9

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

Question # 10

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

Question # 11

Allowance for doubtful debts normally has a

Question # 12

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

Question # 13

Which one of the following is a direct expense?

Question # 14

All expenses connected with the office and its conduct are called

Question # 15

From the business point of view, interest on drawings is

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

Sr.# Question Answer
1 All expenses connected with the office and its conduct are called
A. Selling expenses
B. Marketing expenses
C. Service expenses
D. Administrative expenses
2 Net sales equal to
A. Sales - Returns outwards
B. Sales + Returns inwards
C. Sales - Returns inwards
D. Purchases - Returns inwards
3 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
4 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
5 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
6 Which one of the following is a direct expense?
A. Packing expense
B. Advertisement expense
C. Manufacturing expense
D. Traveling expense
7 Which one of the following is a direct expense?
A. Custom duty
B. Carriage
C. Wages
D. All of above
8 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
9 Net purchases are equal to
A. Sales - returns outwards
B. Purchases + returns inwards
C. Purchases - returns outwards
D. Purchases + returns outwards
10 Cost incurred to generate revenue is called
A. Revenue
B. Cost
C. Expense
D. Liability

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