New ! Accountancy MCQ Practise Tests



11th Standard English Medium Accountancy Subject Final Accounts of Sole Proprietors - I Creative 1 Mark Questions with Solution Part - I

11th Standard

    Reg.No. :
  •  
  •  
  •  
  •  
  •  
  •  

Accountancy

Time : 00:30:00 Hrs
Total Marks : 5
    5 x 1 = 5
  1. At the end of the accounting year the balance in purchases returns account is closed by transferring to __________ account.

    (a)

    Capital

    (b)

    Purchases

    (c)

    Sales

    (d)

    None of these

  2. ___________ refers to buying and selling of goods with the intention of making profit.

    (a)

    Trading

    (b)

    Trial balance

    (c)

    Balance Sheet

    (d)

    Profit and Loss Account

  3. ____________ account is prepared to find out the difference between the revenue from sales and cost of goods sold.

    (a)

    Trading

    (b)

    Profit and Loss

    (c)

    Balance

    (d)

    Statement of affairs

  4. _____________ refers to directly related cost.

    (a)

    Purchases

    (b)

    Sales

    (c)

    Cost of goods sold

    (d)

    Liabilities

  5. If the amount of sales exceeds the cost of goods sold, the difference is ____________

    (a)

    Gross profit

    (b)

    Net profit

    (c)

    Gross loss

    (d)

    Net loss

*****************************************

Reviews & Comments about 11th Standard English Medium Accountancy Subject Final Accounts of Sole Proprietors - I Creative 1 Mark Questions with Solution Part - I updated Creative Questions

Write your Comment