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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
ICOM Part 1 English Medium Subjects
ICOM Part 1 Urdu Medium Subjects
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"
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Total Questions15
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Time Allowed20
Principles of accounting Icom Part 1 English Medium Chapter 9 Online Test
00:00
Question # 1
The price of goods sold or services rendered to the customers is called
Question # 2
It is prepared to determine the net profit or net loss
Question # 3
Goodwill, patent, copyright and trade mark are
Question # 4
Assets which have no market value are called
Question # 5
Net profit plus expenses is equal to
Question # 6
Net profit is equal to
Question # 7
Which account is a summary of direct expenses and direct revenues
Question # 8
Profit or loss appropriation account is not prepared in the case of
Question # 9
Debts which are repayable in the course of less than one year bur more than one month are called
Question # 10
A balance sheet is a
Question # 11
Assets which have no physical existence are called
Question # 12
Expenses related to sale of goods are shown in
Question # 13
An operating statement is similar to a
Question # 14
Which of the following discloses the financial position of the business
Question # 15
Cash of sales is equal to
11th Principles of Accounting Chapter 9 Test
Here you can prepare 11th Principles of Accounting English Medium Chapter 9 Final Accounts Test. Click the button for 100% free full practice test.
Top Scorers Of Chapter 9 "Principles of accounting Icom Part 1 English Medium Chapter 9 Online Test" MCQ`s Test
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A Ayan Ahmed 04 - May - 2024 00 Min 57 Sec 14/15 -
A Arzoo Qaiser 31 - Jan - 2026 01 Min 58 Sec 14/15 -
S Sania Butt 08 - Jun - 2024 05 Min 24 Sec 14/15 -
Z Zahid javed Butt 08 - Jun - 2024 01 Min 57 Sec 13/15 -
N Nimrah 22 - Apr - 2021 04 Min 11 Sec 13/15 -
M Muhammad Muntazir 16 - Apr - 2022 06 Min 00 Sec 13/15 -
B BTS lifeline 24 - Jun - 2023 01 Min 12 Sec 12/15 -
A alone pagal 17 - Apr - 2024 01 Min 51 Sec 12/15 -
K kalsoom 11 - Jan - 2024 03 Min 25 Sec 12/15 -
R Rafaqat ali 23 - Jun - 2021 03 Min 26 Sec 12/15 -
R Rabia Javaid 11 - Mar - 2023 04 Min 04 Sec 12/15 -
N nazakat hussain 18 - Dec - 2020 04 Min 48 Sec 12/15 -
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S Sohera Aslam 18 - Aug - 2023 02 Min 11 Sec 11/15 -
A Abdullah Zafar 22 - Sep - 2023 02 Min 39 Sec 11/15
ICom Part 1 Principles of Accounting Chapter 9 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | 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
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| 3 | Net profit is equal to |
A. Gross profit - expenses
B. Sales - Cost of goods sold
C. Sales - expenses
D. Capital - expenses
|
| 4 | Expenses related to sale of goods are shown in |
A. Trading account
B. Profit or loss account
C. Balance sheet
D. Sales account
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| 5 | An operating statement is similar to a |
A. Balance sheet
B. bank reconciliation statement
C. Financial statement
D. Profit or loss statement
|
| 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
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| 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
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| 8 | Stock is trade is a |
A. Current asset
B. Non-current asset
C. Quick asset
D. Intangible asset
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| 9 | 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
|
| 10 | Assets which have no market value are called |
A. Wasting assets
B. Fictitious assets
C. Intangible assets
D. Tangible assets
|
Test Questions