11th Principles of Accounting MCQS Chapter 9

Position statement is similar to a

Trial balance

Balance sheet

Financial statement

Bank reconciliation statement

Drawings are deducted from

Sales

Expenses

Capital

Income

Cash of sales is equal to

Purchases – return + closing stock

Opening stock + Purchases (Net) – Closing stock

Sales – purchases

Sales + Opening stock – (Purchases + Closing stock)

Expenses related to sale of goods are shown in

Profit or loss account

Trading account

Sales account

Balance sheet

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

2400

1800

1200

600

A balance sheet is a

Statement of debtors and creditors

Statement of profit earned by a busniess

Statement of income and expenditure

Financial statement of a business on a particular date

Assets which have no physical existence are called

Intangible assets

Liquid assets

Fictitious assets

Tangible assets

Goodwill, patent, copyright and trade mark are

Liquid assets

Wasting assets

Fictitious assets

Intangible assets

Net sales are equal to sales minus

Returns outwards

Cost of goods sold

carriage on sales

Returns inwards

Excise duty is a

Direct revenue

Indirect revenue

Indirect expense

Direct expense