Question # 1

Net profit is equal to

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Gross profit - expenses

Sales - Cost of goods sold

Sales - expenses

Capital - expenses

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

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

Goodwill, patent, copyright and trade mark are

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Wasting assets

Intangible assets

Fictitious assets

Liquid assets

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

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Sale

Profit

Expense

Revenue

Assets which have no market value are called

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Wasting assets

Fictitious assets

Intangible assets

Tangible assets

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

Net sales are equal to sales minus

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Returns inwards

Returns outwards

Cost of goods sold

carriage on sales

An operating statement is similar to a

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Balance sheet

bank reconciliation statement

Financial statement

Profit or loss statement

Gross profit equals to

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Net profit minus expenses

Sales minus closing stock

Purchases minus closing stock

Sales minus cost of goods sold

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

Expenses related to sale of goods are shown in

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Trading account

Profit or loss account

Balance sheet

Sales account

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)

Position statement is similar to a

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Trial balance

Balance sheet

Financial statement

Bank reconciliation statement

Excise duty is a

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Direct revenue

Indirect revenue

Direct expense

Indirect expense

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

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