Question # 1

An operating statement is similar to a

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Balance sheet

bank reconciliation statement

Financial statement

Profit or loss statement

If sales are Rs. 12000 Gross profit is 10% of sales and net profit is 5% of sales then the expenses will be

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1200

600

1800

2400

The valuation of closing stock is at

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Cost price

Market price

Cost or market price whichever is lower

Cost or market price whichever is higher

Cash of sales is equal to

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Sales - purchases

Purchases - return + closing stock

Opening stock + Purchases (Net) - Closing stock

Sales + Opening stock - (Purchases + Closing stock)

It is prepaid to determine the gross profit or gross loss

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Trading account

Profit or loss account

Balance sheet

None of these

Debts which are repayable in the course of less than one year bur more than one month are called

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Quick liabilities

Deferred liabilities

Contingent liabilities

Liquid liabilities

If the gross profit is Rs. 5000 and the net profit is 35% of the gross profit then the expenses must be

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3250

1250

3750

1750

Excise duty is a

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Direct revenue

Indirect revenue

Direct expense

Indirect expense

Assets which have no market value are called

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Wasting assets

Fictitious assets

Intangible assets

Tangible assets

Which of the following discloses the financial position of the business

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Trading account

Profit or loss account

Profit or loss appropriation account

Balance sheet

Position statement is similar to a

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Trial balance

Balance sheet

Financial statement

Bank reconciliation statement

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Principles of accounting Icom Part 1 English Medium Chapter 9 Online Test MCQs With Answers

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