Net profit is equal to:
Net profit is equal to:
Sales – expenses | |
Sale – cost of sales | |
Capital expenses | |
Gross profit – expenses |
en
User login
Allowance for discount on account receivable is calculated o
Allowance for discount on account receivable is calculated on the amount of account receivable:
none of these | |
Before deducting the actual bad debts | |
Before deducting the allowance for doubtful debts | |
Left after deducting the allowance for doubtful debts |
Which one of the following is a direct expense:
Which one of the following is a direct expense:
Advertisement expense | |
Packing expense | |
Manufacturing expense | |
Travelling expense |
Net sales – cost of goods sold – operating expenses = ?:
Net sales – cost of goods sold – operating expenses = ?:
net operating income | |
net purchases | |
cost of goods sold available for sale | |
gross profit |
The gross amount of goods sold or services performed during
The gross amount of goods sold or services performed during an accounting period is known as:
sale | |
net profit | |
purchases | |
gross profit |
Cost of goods sold is equal to:
Cost of goods sold is equal to:
Opening stock – Closing stock + Purchases + Returns inwards | |
Opening stock + purchases – Returns outwards – Closing stock | |
Sales – Purchases | |
Purchases + Closing stock + Purchases + Returns inwards |
Sales are equal to:
Sales are equal to:
none of these | |
Cost of goods sold – Gross profit | |
Gross profit – Cost of goods sold | |
Cost of goods sold + Profit |
Cost incurred to generate revenue is called:
Cost incurred to generate revenue is called:
cost | |
liability | |
revenue | |
expense |
The inflow of assets n return for services performed or prod
The inflow of assets n return for services performed or products delivered during a period is:
asset | |
revenue | |
none of these | |
non-current asset |
A statement, which is prepared to ascertain the net income o
A statement, which is prepared to ascertain the net income or net loss for a specific accounting period is called:
financial statement | |
bank reconciliation statement | |
position statement | |
statement of condition |
Adjusting entries affect:
Adjusting entries affect:
work sheet | |
balance sheet | |
all these | |
income statement |
The equity of owner is called:
The equity of owner is called:
liabilities | |
None | |
Assets | |
capital |
Machinery and vans are called:
Machinery and vans are called:
wasting assets | |
fixed assets | |
intangible assets | |
current assets |
Excess of incomes over expenses during a specific:
Excess of incomes over expenses during a specific:
net loss | |
net income | |
none of these | |
all of these |
The cost of goods sold consist of:
The cost of goods sold consist of:
closing stock | |
total purchases | |
opening stock | |
all of these |
______ is not permanent part of accounting record.
______ is not permanent part of accounting record.
Balance sheet | |
Work sheet | |
All of these | |
Cash book |
Pairs of columns of worksheet are:
Pairs of columns of worksheet are:
5 | |
3 | |
4 | |
6 |
The excess of credit column over debit column in income stat
The excess of credit column over debit column in income statement is called:
net profit | |
net loss | |
gross profit | |
cash balance |
The amount of assets, liabilities, capital and drawings are
The amount of assets, liabilities, capital and drawings are extended from adjusted trial balance to the:
balance sheet columns | |
cash columns | |
income statement columns | |
bank columns |
Financial statement is prepared from the amount given in:
Financial statement is prepared from the amount given in:
cash columns | |
adjustments columns | |
trial balance columns | |
adjusted trial balance columns |