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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
Which account is a summary of direct expenses and direct revenues
Question # 2
Assets which have no market value are called
Question # 3
Position statement is similar to a
Question # 4
Profit or loss appropriation account is not prepared in the case of
Question # 5
Net sales are equal to sales minus
Question # 6
Assets which have no physical existence are called
Question # 7
Expenses related to sale of goods are shown in
Question # 8
Gross profit equals to
Question # 9
If the gross profit is Rs. 5000 and the net profit is 35% of the gross profit then the expenses must be
Question # 10
Net profit is equal to
Question # 11
Which of the following discloses the financial position of the business
Question # 12
Stock is trade is a
Question # 13
The price of goods sold or services rendered to the customers is called
Question # 14
Excise duty is a
Question # 15
If sales are Rs. 12000 Gross profit is 10% of sales and net profit is 5% of sales then the expenses will be
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.
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ICom Part 1 Principles of Accounting Chapter 9 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | Which account is a summary of direct expenses and direct revenues |
A. Trading and profit or loss account
B. Profit or loss account
C. Balance sheet
D. Trading account
|
| 2 | 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)
|
| 3 | Assets which have no market value are called |
A. Wasting assets
B. Fictitious assets
C. Intangible assets
D. Tangible assets
|
| 4 | Position statement is similar to a |
A. Trial balance
B. Balance sheet
C. Financial statement
D. Bank reconciliation statement
|
| 5 | Drawings are deducted from |
A. Sales
B. Income
C. Capital
D. Expenses
|
| 6 | Goodwill, patent, copyright and trade mark are |
A. Wasting assets
B. Intangible assets
C. Fictitious assets
D. Liquid assets
|
| 7 | 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
|
| 8 | Net profit plus expenses is equal to |
A. purchases
B. Cost of goods sold
C. Capital
D. Gross profit
|
| 9 | Net sales are equal to sales minus |
A. Returns inwards
B. Returns outwards
C. Cost of goods sold
D. carriage on sales
|
| 10 | 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
|
Test Questions
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Zohaib
18 Dec 2017nice