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This online test contains MCQs about following topics:
. What are final accounts . What do we mean by revenue . Expenses . Matching revenue and expenses . Trading account . Why is trading account prepared . Why closing stock is shown in the trading account . Valuation of closing stock . Closing entries: last stage in final accounts . Profit and loss account: stage 2 . Blance sheet: last stage in final accounts . Classification of assets . Classification of liabilities . Grouping and marshalling of assets & liabilities in balance sheet
ICOM Part 1 Accounting Ch 9 Test
ICOM Part 1 English Medium Subjects
ICOM Part 1 Urdu Medium Subjects
MCQ's Test For Chapter 9 "Principles of accounting Icom Part 1 English Medium Chapter 9 Online Test"
Try The MCQ's Test For Chapter 9 "Principles of accounting Icom Part 1 English Medium Chapter 9 Online Test"
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Total Questions15
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Time Allowed20
Principles of accounting Icom Part 1 English Medium Chapter 9 Online Test
00:00
Question # 1
A balance sheet is a
Question # 2
If the gross profit is Rs. 5000 and the net profit is 35% of the gross profit then the expenses must be
Question # 3
Which of the following discloses the financial position of the business
Question # 4
Assets which have no physical existence are called
Question # 5
Expenses related to sale of goods are shown in
Question # 6
If sales are Rs. 12000 Gross profit is 10% of sales and net profit is 5% of sales then the expenses will be
Question # 7
Which account is a summary of direct expenses and direct revenues
Question # 8
An operating statement is similar to a
Question # 9
Profit or loss appropriation account is not prepared in the case of
Question # 10
Gross profit equals to
Question # 11
It is prepaid to determine the gross profit or gross loss
Question # 12
Net sales are equal to sales minus
Question # 13
The valuation of closing stock is at
Question # 14
Net profit plus expenses is equal to
Question # 15
Debts which are repayable in the course of less than one year bur more than one month are called
11th Principles of Accounting Chapter 9 Test
Here you can prepare 11th Principles of Accounting English Medium Chapter 9 Final Accounts Test. Click the button for 100% free full practice test.
Top Scorers Of Chapter 9 "Principles of accounting Icom Part 1 English Medium Chapter 9 Online Test" MCQ`s Test
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A Ayan Ahmed 04 - May - 2024 00 Min 57 Sec 14/15 -
S Sania Butt 08 - Jun - 2024 05 Min 24 Sec 14/15 -
Z Zahid javed Butt 08 - Jun - 2024 01 Min 57 Sec 13/15 -
N Nimrah 22 - Apr - 2021 04 Min 11 Sec 13/15 -
M Muhammad Muntazir 16 - Apr - 2022 06 Min 00 Sec 13/15 -
B BTS lifeline 24 - Jun - 2023 01 Min 12 Sec 12/15 -
A alone pagal 17 - Apr - 2024 01 Min 51 Sec 12/15 -
K kalsoom 11 - Jan - 2024 03 Min 25 Sec 12/15 -
R Rafaqat ali 23 - Jun - 2021 03 Min 26 Sec 12/15 -
R Rabia Javaid 11 - Mar - 2023 04 Min 04 Sec 12/15 -
N nazakat hussain 18 - Dec - 2020 04 Min 48 Sec 12/15 -
H hamza abid 18 - Aug - 2021 10 Min 50 Sec 12/15 -
S Sohera Aslam 18 - Aug - 2023 02 Min 11 Sec 11/15 -
A Abdullah Zafar 22 - Sep - 2023 02 Min 39 Sec 11/15 -
M Muhammad kashif shakoor 15 - Jun - 2024 03 Min 49 Sec 11/15
ICom Part 1 Principles of Accounting Chapter 9 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Drawings are deducted from |
A. Sales
B. Income
C. Capital
D. Expenses
|
| 2 | Which of the following discloses the financial position of the business |
A. Trading account
B. Profit or loss account
C. Profit or loss appropriation account
D. Balance sheet
|
| 3 | If sales are Rs. 12000 Gross profit is 10% of sales and net profit is 5% of sales then the expenses will be |
A. 1200
B. 600
C. 1800
D. 2400
|
| 4 | Profit or loss appropriation account is not prepared in the case of |
A. Partnership
B. Joint stock company
C. Sole tradership
D. Partnership at will
|
| 5 | Debts which are repayable in the course of less than one year bur more than one month are called |
A. Quick liabilities
B. Deferred liabilities
C. Contingent liabilities
D. Liquid liabilities
|
| 6 | Goodwill, patent, copyright and trade mark are |
A. Wasting assets
B. Intangible assets
C. Fictitious assets
D. Liquid assets
|
| 7 | Net profit is equal to |
A. Gross profit - expenses
B. Sales - Cost of goods sold
C. Sales - expenses
D. Capital - expenses
|
| 8 | Cash of sales is equal to |
A. Sales - purchases
B. Purchases - return + closing stock
C. Opening stock + Purchases (Net) - Closing stock
D. Sales + Opening stock - (Purchases + Closing stock)
|
| 9 | Excise duty is a |
A. Direct revenue
B. Indirect revenue
C. Direct expense
D. Indirect expense
|
| 10 | Net profit plus expenses is equal to |
A. purchases
B. Cost of goods sold
C. Capital
D. Gross profit
|
Test Questions
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