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