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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
Debts which are repayable in the course of less than one year bur more than one month are called
Question # 2
Assets which have no market value are called
Question # 3
Assets which have no physical existence are called
Question # 4
The price of goods sold or services rendered to the customers is called
Question # 5
Net profit is equal to
Question # 6
A balance sheet is a
Question # 7
Profit or loss appropriation account is not prepared in the case of
Question # 8
It is prepaid to determine the gross profit or gross loss
Question # 9
If sales are Rs. 12000 Gross profit is 10% of sales and net profit is 5% of sales then the expenses will be
Question # 10
Gross profit equals to
Question # 11
Net sales are equal to sales minus
Question # 12
Position statement is similar to a
Question # 13
Goodwill, patent, copyright and trade mark are
Question # 14
Excise duty is a
Question # 15
Net profit plus expenses is equal to
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.
Top Scorers Of Chapter 9 "Principles of accounting Icom Part 1 English Medium Chapter 9 Online Test" MCQ`s Test
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A Arzoo Qaiser 31 - Jan - 2026 01 Min 58 Sec 14/15 -
S Sania Butt 08 - Jun - 2024 05 Min 24 Sec 14/15 -
A Ayyan Shiekh 23 - Jun - 2026 01 Min 33 Sec 13/15 -
Z Zahid javed Butt 08 - Jun - 2024 01 Min 57 Sec 13/15 -
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N Nimrah 22 - Apr - 2021 04 Min 11 Sec 13/15 -
M Muhammad Muntazir 16 - Apr - 2022 06 Min 00 Sec 13/15 -
B BTS lifeline 24 - Jun - 2023 01 Min 12 Sec 12/15 -
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K kalsoom 11 - Jan - 2024 03 Min 25 Sec 12/15 -
R Rafaqat ali 23 - Jun - 2021 03 Min 26 Sec 12/15 -
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N nazakat hussain 18 - Dec - 2020 04 Min 48 Sec 12/15 -
H hamza abid 18 - Aug - 2021 10 Min 50 Sec 12/15
ICom Part 1 Principles of Accounting Chapter 9 Important MCQ's
| Sr.# | Question | Answer |
|---|---|---|
| 1 | 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
|
| 2 | 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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| 3 | Which account is a summary of direct expenses and direct revenues |
A. Trading and profit or loss account
B. Profit or loss account
C. Balance sheet
D. Trading account
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| 4 | 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
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| 5 | 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)
|
| 6 | Stock is trade is a |
A. Current asset
B. Non-current asset
C. Quick asset
D. Intangible asset
|
| 7 | 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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| 8 | 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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| 9 | Assets which have no physical existence are called |
A. Tangible assets
B. Fictitious assets
C. Liquid assets
D. Intangible assets
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| 10 | Excise duty is a |
A. Direct revenue
B. Indirect revenue
C. Direct expense
D. Indirect expense
|
Test Questions
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Zohaib
18 Dec 2017nice