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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 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
2 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
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 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
5 An operating statement is similar to a
  • A. Balance sheet
  • B. bank reconciliation statement
  • C. Financial statement
  • D. Profit or loss statement
6 Excise duty is a
  • A. Direct revenue
  • B. Indirect revenue
  • C. Direct expense
  • D. Indirect expense
7 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
8 Net profit is equal to
  • A. Gross profit - expenses
  • B. Sales - Cost of goods sold
  • C. Sales - expenses
  • D. Capital - expenses
9 Cash of sales is equal to
  • A. Sales - purchases
  • B. Purchases - return + closing stock
  • C. Opening stock + Purchases (Net) - Closing stock
  • D. Sales + Opening stock - (Purchases + Closing stock)
10 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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    Zohaib

    18 Dec 2017

    nice

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