Question # 1

It is prepared to determine the net profit or net loss

Choose an answer

Trading account

Profit or loss account

Cash book

Balance sheet

Position statement is similar to a

Choose an answer

Trial balance

Balance sheet

Financial statement

Bank reconciliation statement

Net sales are equal to sales minus

Choose an answer

Returns inwards

Returns outwards

Cost of goods sold

carriage on sales

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

Choose an answer

1200

600

1800

2400

Cash of sales is equal to

Choose an answer

Sales - purchases

Purchases - return + closing stock

Opening stock + Purchases (Net) - Closing stock

Sales + Opening stock - (Purchases + Closing stock)

Assets which have no physical existence are called

Choose an answer

Tangible assets

Fictitious assets

Liquid assets

Intangible assets

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

Choose an answer

3250

1250

3750

1750

Which account is a summary of direct expenses and direct revenues

Choose an answer

Trading and profit or loss account

Profit or loss account

Balance sheet

Trading account

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

Choose an answer

Partnership

Joint stock company

Sole tradership

Partnership at will

Assets which have no market value are called

Choose an answer

Wasting assets

Fictitious assets

Intangible assets

Tangible assets

The valuation of closing stock is at

Choose an answer

Cost price

Market price

Cost or market price whichever is lower

Cost or market price whichever is higher

More Classes

Other Links

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

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer

Choose an answer