11th Principles of Accounting MCQS
The price of goods sold or services rendered to the customers is called
Expense
Sale
Revenue
Profit
Net profit is equal to
Sales – expenses
Gross profit – expenses
Capital – expenses
Sales – Cost of goods sold
Net profit plus expenses is equal to
purchases
Cost of goods sold
Gross profit
Capital
Which of the following discloses the financial position of the business
Profit or loss account
Trading account
Profit or loss appropriation account
Balance sheet
Assets which have no market value are called
Fictitious assets
Intangible assets
Tangible assets
Wasting assets
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