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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 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
2 Assets which have no market value are called
  • A. Wasting assets
  • B. Fictitious assets
  • C. Intangible assets
  • D. Tangible assets
3 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
4 Drawings are deducted from
  • A. Sales
  • B. Income
  • C. Capital
  • D. Expenses
5 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
6 Assets which have no physical existence are called
  • A. Tangible assets
  • B. Fictitious assets
  • C. Liquid assets
  • D. Intangible assets
7 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
8 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
9 The price of goods sold or services rendered to the customers is called
  • A. Sale
  • B. Profit
  • C. Expense
  • D. Revenue
10 An operating statement is similar to a
  • A. Balance sheet
  • B. bank reconciliation statement
  • C. Financial statement
  • D. Profit or loss statement

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

K

Kalsoom

Lahore11 - Jan - 2024

12/15
03 Mins 25 Sec

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    Zohaib

    18 Dec 2017

    nice

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