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

Question # 1

A balance sheet is a

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Statement of income and expenditure

Statement of debtors and creditors

Financial statement of a business on a particular date

Statement of profit earned by a busniess

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Question # 2

Profit or loss appropriation account is not prepared in the case of

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Partnership

Joint stock company

Sole tradership

Partnership at will

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Question # 3

Goodwill, patent, copyright and trade mark are

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Wasting assets

Intangible assets

Fictitious assets

Liquid assets

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Question # 4

Position statement is similar to a

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Trial balance

Balance sheet

Financial statement

Bank reconciliation statement

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Question # 5

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

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Question # 6

Which account is a summary of direct expenses and direct revenues

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Trading and profit or loss account

Profit or loss account

Balance sheet

Trading account

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Question # 7

Stock is trade is a

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Current asset

Non-current asset

Quick asset

Intangible asset

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Question # 8

Drawings are deducted from

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Sales

Income

Capital

Expenses

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Question # 9

Excise duty is a

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Direct revenue

Indirect revenue

Direct expense

Indirect expense

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Question # 10

The price of goods sold or services rendered to the customers is called

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Sale

Profit

Expense

Revenue

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Question # 11

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

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