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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
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"
Try The MCQ's Test For Chapter 12 "Principles of accounting Icom Part 1 English Medium Chapter 12 Online Test"
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Total Questions15
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Time Allowed20
Principles of accounting Icom Part 1 English Medium Chapter 12 Online Test
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Question # 1
From the business point of view, interest on drawings is
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
A statement which is prepared to know the financial position of a business on a particular date, is called
Question # 4
All expenses connected with the office and its conduct are called
Question # 5
The expenses which are incurred for the generation of revenues from the sales of goods are called
Question # 6
A statement which i prepared to ascertain the net income or net loss for a specific accounting period is called
Question # 7
Cost of goods sold is equal to
Question # 8
Which one of the following is a direct expense?
Question # 9
The inflow of assets in return for services performed or products delivered during a period is
Question # 10
Cost incurred to generate revenue is called
Question # 11
Income statement is prepared to ascertain the net result of the business concern under
Question # 12
Net sales - cost of goods sold - operating expenses = ?
Question # 13
Which one of the following is a direct expense?
Question # 14
Net sales equal to
Question # 15
Allowance for discount on account receivable is calculated on the amount of account receivable
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.
Top Scorers Of Chapter 12 "Principles of accounting Icom Part 1 English Medium Chapter 12 Online Test" MCQ`s Test
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M Minahil 21 - Nov - 2024 01 Min 12 Sec 15/15 -
H hamza abid 18 - Aug - 2021 10 Min 50 Sec 15/15 -
D Duaa 15 - Dec - 2021 02 Min 33 Sec 14/15 -
M majid arif 04 - Jul - 2021 08 Min 45 Sec 14/15 -
J jiakhan 26 - Apr - 2018 01 Min 35 Sec 13/15 -
A Abdullah Zafar 22 - Sep - 2023 02 Min 05 Sec 13/15 -
R Rafaqat ali 23 - Jun - 2021 03 Min 23 Sec 13/15 -
M Muhammad furqan 18 - Aug - 2018 04 Min 52 Sec 12/15 -
N Niaz 17 - Sep - 2022 03 Min 01 Sec 11/15 -
M Maryam 14 - Mar - 2019 03 Min 51 Sec 11/15 -
K kalsoom 11 - Jan - 2024 04 Min 05 Sec 11/15 -
E eman 19 - May - 2018 03 Min 08 Sec 10/15 -
S saleem 03 - Apr - 2018 03 Min 18 Sec 10/15 -
M Maher Naveed 27 - Dec - 2023 08 Min 08 Sec 10/15 -
U Ubaid shah 22 - Jan - 2019 09 Min 01 Sec 10/15
| Sr.# | Question | Answer |
|---|---|---|
| 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 | Net sales equal to |
A. Sales - Returns outwards
B. Sales + Returns inwards
C. Sales - Returns inwards
D. Purchases - Returns inwards
|
| 3 | 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
|
| 4 | 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
|
| 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
|
Test Questions
