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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
The valuation of closing stock is at
Question # 2
A balance sheet is a
Question # 3
Stock is trade is a
Question # 4
It is prepared to determine the net profit or net loss
Question # 5
It is prepaid to determine the gross profit or gross loss
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
Assets which have no market value are called
Question # 8
Profit or loss appropriation account is not prepared in the case of
Question # 9
Goodwill, patent, copyright and trade mark are
Question # 10
If the gross profit is Rs. 5000 and the net profit is 35% of the gross profit then the expenses must be
Question # 11
The price of goods sold or services rendered to the customers is called
Question # 12
Net sales are equal to sales minus
Question # 13
Excise duty is a
Question # 14
Cash of sales is equal to
Question # 15
Drawings are deducted from
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 -
A Arzoo Qaiser 31 - Jan - 2026 01 Min 58 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
ICom Part 1 Principles of Accounting Chapter 9 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | If the gross profit is Rs. 5000 and the net profit is 35% of the gross profit then the expenses must be |
A. 3250
B. 1250
C. 3750
D. 1750
|
| 2 | Goodwill, patent, copyright and trade mark are |
A. Wasting assets
B. Intangible assets
C. Fictitious assets
D. Liquid assets
|
| 3 | Assets which have no market value are called |
A. Wasting assets
B. Fictitious assets
C. Intangible assets
D. Tangible assets
|
| 4 | Net profit is equal to |
A. Gross profit - expenses
B. Sales - Cost of goods sold
C. Sales - expenses
D. Capital - expenses
|
| 5 | 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
|
| 6 | 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
|
| 7 | The valuation of closing stock is at |
A. Cost price
B. Market price
C. Cost or market price whichever is lower
D. Cost or market price whichever is higher
|
| 8 | Drawings are deducted from |
A. Sales
B. Income
C. Capital
D. Expenses
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| 9 | 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
|
| 10 | A balance sheet is a |
A. Statement of income and expenditure
B. Statement of debtors and creditors
C. Financial statement of a business on a particular date
D. Statement of profit earned by a busniess
|
Test Questions