| 1 |
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)
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| 2 |
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
|
| 3 |
Net profit is equal to |
- A. Gross profit - expenses
- B. Sales - Cost of goods sold
- C. Sales - expenses
- D. Capital - expenses
|
| 4 |
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
|
| 5 |
Position statement is similar to a |
- A. Trial balance
- B. Balance sheet
- C. Financial statement
- D. Bank reconciliation statement
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| 6 |
An operating statement is similar to a |
- A. Balance sheet
- B. bank reconciliation statement
- C. Financial statement
- D. Profit or loss statement
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| 7 |
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
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| 8 |
Assets which have no market value are called |
- A. Wasting assets
- B. Fictitious assets
- C. Intangible assets
- D. Tangible assets
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| 9 |
Gross profit equals to |
- A. Net profit minus expenses
- B. Sales minus closing stock
- C. Purchases minus closing stock
- D. Sales minus cost of goods sold
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| 10 |
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
|