| 1 |
Expenses related to sale of goods are shown in |
- A. Trading account
- B. Profit or loss account
- C. Balance sheet
- D. Sales account
|
| 2 |
Net sales are equal to sales minus |
- A. Returns inwards
- B. Returns outwards
- C. Cost of goods sold
- D. carriage on sales
|
| 3 |
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
|
| 4 |
Assets which have no market value are called |
- A. Wasting assets
- B. Fictitious assets
- C. Intangible assets
- D. Tangible assets
|
| 5 |
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
|
| 6 |
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)
|
| 7 |
Net profit is equal to |
- A. Gross profit - expenses
- B. Sales - Cost of goods sold
- C. Sales - expenses
- D. Capital - expenses
|
| 8 |
Drawings are deducted from |
- A. Sales
- B. Income
- C. Capital
- D. Expenses
|
| 9 |
Position statement is similar to a |
- A. Trial balance
- B. Balance sheet
- C. Financial statement
- D. Bank reconciliation statement
|
| 10 |
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
|