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