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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Urdu

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 Economics
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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

  • Time Allowed20

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

00:00
Question # 1

Excise duty is a

Question # 2

Net profit plus expenses is equal to

Question # 3

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

Question # 4

Gross profit equals to

Question # 5

Which account is a summary of direct expenses and direct revenues

Question # 6

Stock is trade is a

Question # 7

Position statement is similar to a

Question # 8

An operating statement is similar to a

Question # 9

A balance sheet is a

Question # 10

The valuation of closing stock is at

Question # 11

Net sales are equal to sales minus

Question # 12

If the gross profit is Rs. 5000 and the net profit is 35% of the gross profit then the expenses must be

Question # 13

It is prepared to determine the net profit or net loss

Question # 14

Cash of sales is equal to

Question # 15

Goodwill, patent, copyright and trade mark are

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

Sr.# Question Answer
1 Net profit is equal to
A. Gross profit - expenses
B. Sales - Cost of goods sold
C. Sales - expenses
D. Capital - expenses
2 An operating statement is similar to a
A. Balance sheet
B. bank reconciliation statement
C. Financial statement
D. Profit or loss statement
3 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
4 Position statement is similar to a
A. Trial balance
B. Balance sheet
C. Financial statement
D. Bank reconciliation statement
5 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
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 Assets which have no market value are called
A. Wasting assets
B. Fictitious assets
C. Intangible assets
D. Tangible assets
8 Drawings are deducted from
A. Sales
B. Income
C. Capital
D. Expenses
9 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
10 Stock is trade is a
A. Current asset
B. Non-current asset
C. Quick asset
D. Intangible asset

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  • Zohaib

    Zohaib

    18 Dec 2017

    nice

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