ICOM Part 1 Principles of Accounting English Medium Chapter 12 MCQ's Test

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

ICOM Part 1 Principles of Accounting English Medium Chapter 12 MCQ's Test

Start Chapter 12 Test

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 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
2 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
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 Allowance for doubtful debts normally has a
  • A. Debit balance
  • B. Credit balance
  • C. Both debit & credit balance
  • D. None of these
5 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
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 Net sales equal to
  • A. Sales - Returns outwards
  • B. Sales + Returns inwards
  • C. Sales - Returns inwards
  • D. Purchases - Returns inwards
8 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
9 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
10 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

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