### Quantitative Aptitude

## PROFIT AND LOSS MCQs

### Total Questions : 359

**Page 1 of 18 pages**

**A dishonest dealer purchases goods at 20% discount of the cost price of Rs. X and also cheats his wholesaler by getting 20% extra through false weighing, per kg. Then he marks up his goods by 80% of x, but he gives a discount of 25% besides he cheats his customer by weighing 10% less than the required. What is his overall profit percentage?**

__Question 3.__- 125%
- 100%
- 98.66%
- 120%
- None of these

**Answer: Option A**

**Hotel Aditya has 10 single AC rooms, 5 double AC rooms and 18 non AC rooms. The fixed monthly rent of hotel is 150,000. The per day maintenance cost is Rs. 100 for double AC room, Rs. 75 for single AC room and Rs. 40 for non AC room. The per day charges are Rs. 600 for double AC room, Rs. 400 for single AC room and Rs. 250 for non AC room. In April 2003, the occupancy rate of non AC room was 50%, 70% of single AC room and 40% of double AC rooms. Find the profit/loss % for that particular month.**

__Question 4.__- 10.33% (profit)
- 10.33% (loss)
- 5.67% (loss)
- 5.67% (profit)
- No profit, no loss

**Answer: Option B**

**A fruit seller buys some oranges and by selling 40% of them he realizes the cost price of all the oranges. As the oranges being to grow over-ripe, he reduces the price and sells 80% of the remaining oranges at half the previous rate of profit. The rest of the oranges being rotten are thrown away. The overall percentage of profit is:**

__Question 15.__- 80
- 84
- 94
- 96

**Answer: Option B**

**A man bought a horse and a cart. If he sold the horse at 10 % loss and the cart at 20 % gain, he would not lose anything; but if he sold the horse at 5% loss and the cart at 5% gain, he would lose Rs. 10 in the bargain. The amount paid by him was Rs._______ for the horse and Rs.________ for the cart.**

__Question 20.__- 500, 300
- 200, 400
- 400, 200
- 300, 500

**Answer: Option C**

### How Do You Find C.P. If SP And Loss Is Given?

Finding The C.P. When S.P. and Profit Or Loss Percent Are Given

- Profit % = (\frac{ Profit}{ C.P.} ) x 100.
- Loss % = (\frac{ Loss}{ C.P.}) x 100.
- C.P. = \frac{ 100 X S.P.}{ (100 â€“ Loss \%)}
- C.P. = \frac{ 100 X S.P.}{ (100 + Profit \%)}
- Therefore, Rs 649 = ( 1 + \frac{18}{100}) of C.P.
- => Rs 649 = \frac{118}{100} of C.P.

### How Do You Find C.P. When MP And SP Is Given?

- Given: Ratio of CP and MP = 5 âˆ¶ 8. Discount % = 20% Profit = Rs.
- Concept: The difference of CP and SP is profit. After the discount is subtracted from MP, we get the SP.
- Formula used: SP = MP - Discount. Profit = SP - CP.
- Calculation: Let the CP and MP = 5x and 8x. Discount = 20% of 8x = 8x / 5.

### How Do You Manage Profit And Loss?

- Create P&L statements. First, create profit and loss statements.
- Compare P&L statements. Once you have your profit and loss statement for each accounting period, you can make comparisons.
- Make changes to business finances.
- Meet with an accountant.

### How Is Profit Balance Calculated?

To calculate the accounting profit or loss you will:

- add up all your income for the month.
- add up all your expenses for the month.
- calculate the difference by subtracting total expenses away from total income.
- and the result is your profit or loss.

### Is CP And MP Same?

Cost price is the price which incured in a product upto final stage but market price is the price on which that product is sale to the marlet. If a product is manufactured at a cost of Rs. 10/unit and the same product is sale in market at Rs. 11/unit, then Rs.

### What Are The Components Of Profit And Loss Account?

A P&L usually has five main components:

- revenue (sales/turnover)
- cost of goods sold (COGS)
- gross profit (revenue minus COGS)
- expenses.
- net profit (gross profit minus expenses)

### What Is Always Calculated On MP?

Â Yes discount is always calculated on mp..

### How Do You Calculate Profit And Loss Interest?

The formulas that are used to calculate the profit and loss percentage are given below:

- Profit percentage (P%) = (Profit /Cost Price) Ã— 100.
- Loss percentage (L%) = (Loss / Cost price) Ã— 100.

### How Do You Explain Profit And Loss Account?

The term profit and loss (P&L) statement refers to a financial statement that summarizes the revenues, costs, and expenses incurred during a specified period, usually a quarter or fiscal year.

### How Do You Prepare A Profit And Loss Account Example?

To create a basic P&L manually, take the following steps:

- Gather necessary information about revenue and expenses (as noted above).
- List your sales.
- List your COGS.
- Subtract COGS (Step 3) from gross revenue (Step 2).
- List your expenses.
- Subtract the expenses (Step 5) from your gross profit (Step 4).

### How Do You Transfer Profit And Loss To Balance Sheet?

At some point after each financial year, your balance sheet must be balanced by transferring the net profit (or loss) to equity in the general ledger. At all times within Accentis Enterprise, Assets = Equity + Liabilities + (Net profit/loss).

### Is CP A MP Discount?

The statement is False. Discount is always marked on Marked Price but Marked Price minus discount gives the selling price NOT cost price.

### Is Profit And Loss Account Shown In Trial Balance?

Trial balance is the steppingstone for preparing all the financial statements such as Trading and Profit & loss account, balance sheet etc. Using the trial balance, all the income and expenses related ledger accounts are compiled to create Profit and loss account and rest are used for preparing a balance sheet.

### What Is C.P. And MP?

Mp = marked price. CP= cost price. SP= selling price. Step-by-step explanation: ok.

### What Is C.P. And SP In Maths?

Â CP and SP are abbreviations for Cost Price and Selling Price. Cost price is the amount we pay to buy an item at which it is available. Similarly, Selling Price is the rate at which an article is sold which we abbreviate as SP. Questionâ€“ What is Profit and Loss Formula?

### What Is SP Calculation?

Selling Price (SP) (100âˆ’Loss Ã— CP) Cost Price (CP) 100/(100+Gain/Profit Ã— Selling Price (SP)

### What Is Loss Account?

Loss Account means a memorandum account for each Limited Partner to be recorded in the books and records of the Partnership with respect to a Performance Period. The balance of the Loss Account for the initial Performance Period with respect to a Limited Partner's Capital Account shall be zero.

### What Is Profit And Loss Account Debit Balance?

The debit balance of a profit and loss account denoted loss. Debit balance of the profit and loss account shows that the expenses were more than the incomes.

### What Is The Difference Between Profit And Loss?

P&L is short for profit and loss statement. A business profit and loss statement shows you how much money your business earned and lost within a period of time. There is no difference between income statement and profit and loss. An income statement is often referred to as a P&L.

### What Is The Importance Of Profit And Loss Account?

The profit & loss account provides information about an enterprise's income and expenses which result in net profit or net loss. It helps a businessman to evaluate the performance of an enterprise and provides a basis for forecasting future performance.

### What Is The Formula Of Profit Or Loss?

The formula for the profit and loss percentage is: Profit percentage = (Profit /Cost Price) x 100. Loss percentage = (Loss / Cost price) x 100.

### What Is The Purpose Of Profit And Loss Statement?

A profit and loss (or income) statement lists your sales and expenses. It tells you how much profit you're making, or how much you're losing. You usually complete a profit and loss statement every month, quarter or year.

### What Is The Relationship Between TP And MP?

So long as MP is increasing, TP is increasing at increasing rate. But when MP starts diminishing at the 4th unit of variable factor input and the TP increases only at a decreasing rate. When 7th unit was applied, MP is zero, there is no addition to TP and TP is at maximum level.

### What Is Trading And Profit And Loss Account And Give Its Format?

Â Trading account used to find the gross profit/loss of the business for an accounting period. Profit and loss account or Income statement is used to find the net profit/loss of the business for an accounting period. Timing. Trading Account is prepared first and then profit and loss account is prepared.

## Recent Questions

## Q. Bubbles Of Air Rise Up Through Liquids Due To

## Q. In The Binary Numbering System, A (1) Represents A Jumper Be....

## Q. Letter Pair / Group

## Q. Letter Pair / Group

## Q. Odd Pair Of Words

## Q. Odd Pair Of Words

## Q. Odd Pair Of Words

## Q. A What Type Of Mill Has More Than 4 Rolls, Usually In Three ....

## Q. Only Semis , Bars And Slabs Produce In Which Plant,

## Q. Which Process Is A Technique Where A Metal Strip Or Sheet Is....

## Q. What Is The Units Of Rolling Rate ?

## Q. Difference In Length After Rolling (l) And Length Before Rol....

## Q. Coke As Solid Fuel Is Used In Sinter Mix Constitute About â€....

## Q. The Ideal Size Of Sinter Required In Blast Furnace Is â€¦â€¦....

## Q. In The â€¦â€¦â€¦â€¦zone, The Reactions Thermal As Well As Ch....

## Q. â€¦â€¦â€¦.. Can Make Adequate Use Of Almost All The Valuable....

## Q. The Maximum Temp Attained In The Zone Of Combustion Is â€¦â€....

## Q. Interest Of Management Are

## Q. The Expenses Are Divided Into How Many Categories?

## Q. Assets Are Classified Into ______ Major Categories