| 1 |
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
|
| 2 |
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
|
| 3 |
It is prepared to determine the net profit or net loss |
- A. Trading account
- B. Profit or loss account
- C. Cash book
- D. Balance sheet
|
| 4 |
Position statement is similar to a |
- A. Trial balance
- B. Balance sheet
- C. Financial statement
- D. Bank reconciliation statement
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| 5 |
The price of goods sold or services rendered to the customers is called |
- A. Sale
- B. Profit
- C. Expense
- D. Revenue
|
| 6 |
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
|
| 7 |
Net profit plus expenses is equal to |
- A. purchases
- B. Cost of goods sold
- C. Capital
- D. Gross profit
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| 8 |
It is prepaid to determine the gross profit or gross loss |
- A. Trading account
- B. Profit or loss account
- C. Balance sheet
- D. None of these
|
| 9 |
Goodwill, patent, copyright and trade mark are |
- A. Wasting assets
- B. Intangible assets
- C. Fictitious assets
- D. Liquid assets
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| 10 |
Assets which have no market value are called |
- A. Wasting assets
- B. Fictitious assets
- C. Intangible assets
- D. Tangible assets
|