11th Principles of Accounting MCQS Chapter 12

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11th Principles of Accounting MCQS
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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?
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

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