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

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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 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
2 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
3 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
4 Net purchases are equal to
  • A. Sales - returns outwards
  • B. Purchases + returns inwards
  • C. Purchases - returns outwards
  • D. Purchases + returns outwards
5 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
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 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
9 Cost incurred to generate revenue is called
  • A. Revenue
  • B. Cost
  • C. Expense
  • D. Liability
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

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

H

Haleema Sadia

Lahore11 - Jul - 2025

10/15
05 Mins 22 Sec

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