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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ICOM Part 1 English Medium Subjects

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Principles of Accounting
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Principles of Economics
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Principles of Commerce
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English
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Islamiat
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Business Mathematics
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Urdu

ICOM Part 1 Urdu Medium Subjects

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Urdu
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Business Mathematics
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Islamiat
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English
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Principles of Commerce
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Principles of Economics
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Principles of Accounting

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"

  • Total Questions15

  • Time Allowed20

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Principles of accounting Icom Part 1 English Medium Chapter 9 Online Test

00:00
Question # 1

Gross profit equals to

Question # 2

Cash of sales is equal to

Question # 3

Excise duty is a

Question # 4

An operating statement is similar to a

Question # 5

If the gross profit is Rs. 5000 and the net profit is 35% of the gross profit then the expenses must be

Question # 6

A balance sheet is a

Question # 7

Net profit is equal to

Question # 8

Drawings are deducted from

Question # 9

Debts which are repayable in the course of less than one year bur more than one month are called

Question # 10

Stock is trade is a

Question # 11

Assets which have no market value are called

Question # 12

If sales are Rs. 12000 Gross profit is 10% of sales and net profit is 5% of sales then the expenses will be

Question # 13

Expenses related to sale of goods are shown in

Question # 14

It is prepaid to determine the gross profit or gross loss

Question # 15

Position statement is similar to a

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ICom Part 1 Principles of Accounting Chapter 9 Important MCQ's

Sr.# Question Answer
1 The price of goods sold or services rendered to the customers is called
A. Sale
B. Profit
C. Expense
D. Revenue
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 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
4 Net profit is equal to
A. Gross profit - expenses
B. Sales - Cost of goods sold
C. Sales - expenses
D. Capital - expenses
5 Position statement is similar to a
A. Trial balance
B. Balance sheet
C. Financial statement
D. Bank reconciliation statement
6 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
7 Stock is trade is a
A. Current asset
B. Non-current asset
C. Quick asset
D. Intangible asset
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 Drawings are deducted from
A. Sales
B. Income
C. Capital
D. Expenses
10 Excise duty is a
A. Direct revenue
B. Indirect revenue
C. Direct expense
D. Indirect expense

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  • Zohaib

    Zohaib

    18 Dec 2017

    nice

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