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

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Maher Naveed 27 - Dec - 2023 08 Min 08 Sec 10/15
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ICom Part 1 Principles of Accounting Chapter 12 Important MCQ's

Sr.#	Question	Answer
1	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
2	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
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	All expenses connected with the office and its conduct are called	A. Selling expenses B. Marketing expenses C. Service expenses D. Administrative expenses
5	Net sales equal to	A. Sales - Returns outwards B. Sales + Returns inwards C. Sales - Returns inwards D. Purchases - Returns inwards
6	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
7	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
8	Which one of the following is a direct expense?	A. Packing expense B. Advertisement expense C. Manufacturing expense D. Traveling expense
9	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
10	Allowance for doubtful debts normally has a	A. Debit balance B. Credit balance C. Both debit & credit balance D. None of these

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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

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

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

Which one of the following is a direct expense?

From the business point of view, interest on drawings is

Sales are equal to

Net sales equal to

Allowance for discount on account receivable is calculated on the amount of account receivable

Which one of the following is a direct expense?

Cost of goods sold is equal to

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

Cost incurred to generate revenue is called

Net purchases are equal to

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

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

Allowance for doubtful debts normally has a

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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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