| 1 |
Net sales are equal to sales minus |
- A. Returns inwards
- B. Returns outwards
- C. Cost of goods sold
- D. carriage on sales
|
| 2 |
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
|
| 3 |
Assets which have no physical existence are called |
- A. Tangible assets
- B. Fictitious assets
- C. Liquid assets
- D. Intangible assets
|
| 4 |
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
|
| 5 |
Goodwill, patent, copyright and trade mark are |
- A. Wasting assets
- B. Intangible assets
- C. Fictitious assets
- D. Liquid assets
|
| 6 |
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
|
| 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
|
| 8 |
Expenses related to sale of goods are shown in |
- A. Trading account
- B. Profit or loss account
- C. Balance sheet
- D. Sales account
|
| 9 |
Debts which are repayable in the course of less than one year bur more than one month are called |
- A. Quick liabilities
- B. Deferred liabilities
- C. Contingent liabilities
- D. Liquid liabilities
|
| 10 |
The price of goods sold or services rendered to the customers is called |
- A. Sale
- B. Profit
- C. Expense
- D. Revenue
|