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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
A balance sheet is a
Question # 2
Position statement is similar to a
Question # 3
Assets which have no physical existence are called
Question # 4
Cash of sales is equal to
Question # 5
Net profit is equal to
Question # 6
Assets which have no market value are called
Question # 7
Goodwill, patent, copyright and trade mark are
Question # 8
An operating statement is similar to a
Question # 9
It is prepared to determine the net profit or net loss
Question # 10
Expenses related to sale of goods are shown in
Question # 11
Stock is trade is a
Question # 12
Debts which are repayable in the course of less than one year bur more than one month are called
Question # 13
Net sales are equal to sales minus
Question # 14
Profit or loss appropriation account is not prepared in the case of
Question # 15
If sales are Rs. 12000 Gross profit is 10% of sales and net profit is 5% of sales then the expenses will be
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.
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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 | Stock is trade is a |
A. Current asset
B. Non-current asset
C. Quick asset
D. Intangible asset
|
| 2 | 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
|
| 3 | 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
|
| 4 | The price of goods sold or services rendered to the customers is called |
A. Sale
B. Profit
C. Expense
D. Revenue
|
| 5 | 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
|
| 6 | An operating statement is similar to a |
A. Balance sheet
B. bank reconciliation statement
C. Financial statement
D. Profit or loss statement
|
| 7 | Position statement is similar to a |
A. Trial balance
B. Balance sheet
C. Financial statement
D. Bank reconciliation statement
|
| 8 | 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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| 9 | Drawings are deducted from |
A. Sales
B. Income
C. Capital
D. Expenses
|
| 10 | Net profit plus expenses is equal to |
A. purchases
B. Cost of goods sold
C. Capital
D. Gross profit
|
Test Questions
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Zohaib
18 Dec 2017nice