11th Grade > Accountancy
FINANCIAL STATEMENTS - OVERVIEW MCQs
Total Questions : 30
| Page 2 of 3 pages
Answer: Option B. -> Net Profit
:
B
Gross profit less expenses is known as Net Profit.
:
B
Gross profit less expenses is known as Net Profit.
Answer: Option B. -> Indirect Expenses
:
B
General office expenses are charged to Indirect Expenses.
:
B
General office expenses are charged to Indirect Expenses.
Answer: Option D. -> Sales revenue less sales returns less cost of sales
:
D
Sales revenue less sales returns less cost of sales = Gross profit.
:
D
Sales revenue less sales returns less cost of sales = Gross profit.
Answer: Option A. -> Not bought for resale
:
A
The current assets are not bought for resale.
:
A
The current assets are not bought for resale.
Answer: Option B. -> Indirect Expenses
:
B
These are all indirect expenses.
:
B
These are all indirect expenses.
Answer: Option D. -> Preparing trading & profit or loss a/c
:
D
True and fair profit or loss of a company can be known by preparing trading & profit or loss a/c.
:
D
True and fair profit or loss of a company can be known by preparing trading & profit or loss a/c.
Answer: Option A. -> Current Asset
:
A
Prepaid expense is treated as a current asset.
:
A
Prepaid expense is treated as a current asset.
Answer: Option B. -> Balance sheet
:
B
Balance sheet is regarded as apt to show the purchase of a fixed asset.
:
B
Balance sheet is regarded as apt to show the purchase of a fixed asset.
Answer: Option B. -> Show the assets of the company
:
B
The trading account does not show the assets of the company.
:
B
The trading account does not show the assets of the company.
Answer: Option B. -> Accrual Accounting
:
B
Profit and Loss account is based on accrual accounting.
:
B
Profit and Loss account is based on accrual accounting.
Latest Videos
Latest Test Papers
Login With Google
Old way of Login
Login With Email