First Year Principles of Accounting Chapter 9 Online MCQ Test for 1st Year Principles of Accounting Chapter 9 (Final Accounts)

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
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ICOM Part 1 English Medium Subjects

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Principles of Accounting
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Principles of Economics
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Principles of Commerce
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English
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Islamiat
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Business Mathematics
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ICOM Part 1 Urdu Medium Subjects

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Urdu
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Business Mathematics
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Islamiat
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English
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Principles of Commerce
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Principles of Accounting

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"

  • Total Questions15

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Principles of accounting Icom Part 1 English Medium Chapter 9 Online Test

00:00
Question # 1

It is prepaid to determine the gross profit or gross loss

Question # 2

If sales are Rs. 12000 Gross profit is 10% of sales and net profit is 5% of sales then the expenses will be

Question # 3

Stock is trade is a

Question # 4

Cash of sales is equal to

Question # 5

An operating statement is similar to a

Question # 6

Goodwill, patent, copyright and trade mark are

Question # 7

Profit or loss appropriation account is not prepared in the case of

Question # 8

Debts which are repayable in the course of less than one year bur more than one month are called

Question # 9

Assets which have no market value are called

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

Position statement is similar to a

Question # 12

Assets which have no physical existence are called

Question # 13

Which of the following discloses the financial position of the business

Question # 14

Net profit plus expenses is equal to

Question # 15

Net profit is equal to

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ICom Part 1 Principles of Accounting Chapter 9 Important MCQ's

Sr.# Question Answer
1 Assets which have no physical existence are called
A. Tangible assets
B. Fictitious assets
C. Liquid assets
D. Intangible assets
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 Stock is trade is a
A. Current asset
B. Non-current asset
C. Quick asset
D. Intangible asset
4 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
5 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
6 An operating statement is similar to a
A. Balance sheet
B. bank reconciliation statement
C. Financial statement
D. Profit or loss statement
7 Net profit plus expenses is equal to
A. purchases
B. Cost of goods sold
C. Capital
D. Gross profit
8 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
9 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)
10 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

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  • Zohaib

    Zohaib

    18 Dec 2017

    nice

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