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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
Cash of sales is equal to
Question # 2
Drawings are deducted from
Question # 3
The valuation of closing stock is at
Question # 4
Net profit is equal to
Question # 5
Goodwill, patent, copyright and trade mark are
Question # 6
The price of goods sold or services rendered to the customers is called
Question # 7
Assets which have no physical existence are called
Question # 8
It is prepared to determine the net profit or net loss
Question # 9
Gross profit equals to
Question # 10
Assets which have no market value are called
Question # 11
Excise duty is a
Question # 12
A balance sheet is a
Question # 13
Net sales are equal to sales minus
Question # 14
Position statement is similar to a
Question # 15
Which account is a summary of direct expenses and direct revenues
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 | 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 | Expenses related to sale of goods are shown in |
A. Trading account
B. Profit or loss account
C. Balance sheet
D. Sales account
|
| 3 | Net sales are equal to sales minus |
A. Returns inwards
B. Returns outwards
C. Cost of goods sold
D. carriage on sales
|
| 4 | Drawings are deducted from |
A. Sales
B. Income
C. Capital
D. Expenses
|
| 5 | 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
|
| 6 | 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
|
| 7 | Goodwill, patent, copyright and trade mark are |
A. Wasting assets
B. Intangible assets
C. Fictitious assets
D. Liquid assets
|
| 8 | 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
|
| 9 | 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
|
| 10 | Debts which are repayable in the course of less than one year bur more than one month are called |
A. Quick liabilities
B. Deferred liabilities
C. Contingent liabilities
D. Liquid liabilities
|
Test Questions
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Zohaib
18 Dec 2017nice