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.

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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First Year Principles of Accounting Chapter 9 Online MCQ Test for 1st Year Principles of Accounting Chapter 9 (Final Accounts)

Sr. # Questions Answers Choice
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

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    Zohaib

    18 Dec 2017

    nice

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