11th Principles of Accounting MCQS Chapter 9

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11th Principles of Accounting MCQS
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An operating statement is similar to a
Profit or loss statement
Balance sheet
Financial statement
bank reconciliation statement

It is prepaid to determine the gross profit or gross loss
Balance sheet
Trading account
Profit or loss account
None of these

If the gross profit is Rs. 5000 and the net profit is 35% of the gross profit then the expenses must be
3750
1750
3250
1250

Which account is a summary of direct expenses and direct revenues
Trading account
Trading and profit or loss account
Profit or loss account
Balance sheet

Debts which are repayable in the course of less than one year bur more than one month are called
Deferred liabilities
Quick liabilities
Liquid liabilities
Contingent liabilities

Stock is trade is a
Non-current asset
Intangible asset
Quick asset
Current asset

Gross profit equals to
Sales minus cost of goods sold
Sales minus closing stock
Purchases minus closing stock
Net profit minus expenses

The valuation of closing stock is at
Cost or market price whichever is higher
Market price
Cost or market price whichever is lower
Cost price

Profit or loss appropriation account is not prepared in the case of
Partnership at will
Joint stock company
Partnership
Sole tradership

It is prepared to determine the net profit or net loss
Cash book
Balance sheet
Trading account
Profit or loss account

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