11th Principles of Accounting MCQS Chapter 12

11th Class MCQS, 11th Principles of Accounting MCQS, MCQS 0

Google Ads1
11th Principles of Accounting MCQS
Image Courtesy By Freepik

Respected members,
11th Principles of Accounting MCQS Available Here. In this pages your can get 11th Principles of Accounting MCQS with Answers.
You can read and practice, 11th Principles of Accounting MCQS on Different Topic,
We make Online question bank with the help of experienced teachers and subject specialists.

FG Study / Quiz is also very useful website for online Quiz and Test sessions. Where FG STUDY Team Design and Develop large Database and Content Management System for the quizzes. We provide wide scale online quiz System for various educational and professional examination. If you are interested please visit our site FG Study Quiz

Remember That The FG STUDY Team Always provide unique and useful content for students. If you have any question or problem do not hesitate to contact us, we will be happy to reply, Thanks

A statement which i prepared to ascertain the net income or net loss for a specific accounting period is called
Statement of condition
Financial statement
Bank reconciliation statement
Position statement
Net sales equal to
Sales – Returns outwards
Purchases – Returns inwards
Sales + Returns inwards
Sales – Returns inwards
From the business point of view, interest on drawings is
An expense
A liability
A revenue
An asset
Net sales – cost of goods sold – operating expenses = ?
Net purchases
Gross Profit
Net operating income
Cost of goods sold available for sale
The expenses which are incurred for the generation of revenues from the sales of goods are called
Operation expenses
Selling expenses
Administrative expenses
Non-operating expenses
Sales are equal to
None of these
Gross profit – cost of goods sold
Cost of goods sold + Profit
Cost of goods sold – gross profit
The margin that is available to cover the other expenses for a period and to yield net income is known as
Net sales
Cost of goods sold
Net profit
Gross profit
Income statement is prepared to ascertain the net result of the business concern under
Cash system of accounting
British accounting system
None of these
American accounting system
Which one of the following is a direct expense?
Carriage
Wages
Custom duty
All of above
Cost of goods sold is equal to
Opening stock + purchases – returns outwards – closing stock
sales – purchases
Opening stock – closing stock + purchase + returns inwards
purchases + closing stock – returns outwards

Continue Reading Go to Next Page

Google Ads