Accounting - Practice Test

[#2486] Gross Profit is equal to

(A) Opening stock + purchases - closing stock

(B) Net profit - expenses

(C) Sales - Closing stock + purchases

(D) Sales - Cost of goods sold

(E) Sales - Closing stock

(F) Sales - Cost of goods sold

(G) Sales - (opening stock + Purchases + Closing stock)

(H) (Sales + Closing stock) - (opening stock + Purchase + all direct and indirect expenses)

Correct Answer

(D) Sales - Cost of goods sold
(F) Sales - Cost of goods sold

[#2487] Dissolution of partnership between all partners of firm is called . . . . . . . .

(A) dissolution of firm

(B) dissolution of partnership

(C) dissolution of firm name

(D) none of the above

Correct Answer

(A) dissolution of firm

[#2488] Amount received from joint life policy in case of a death of a partner will be credited in partner's capital account to

(A) To all partners in profit sharing ratio

(B) To remaining partners in profit sharing ratio

(C) to only deceased partner's account

(D) None of the above

Correct Answer

(A) To all partners in profit sharing ratio

[#2489] In case of a company, total assets less outside liabilities is called:

(A) Net working capital

(B) Gross working capital

(C) Deferred liabilities

(D) Net worth

Correct Answer

(D) Net worth

[#2490] For paying liabilities not taken over by the purchasing company, the vendor company credits

(A) Realisation A/c

(B) Bank A/c

(C) Liabilities A/c

(D) Assets A/c

Correct Answer

(B) Bank A/c

Accounting - Study Mode

[#2486] Gross Profit is equal to

Correct Answer

[#2487] Dissolution of partnership between all partners of firm is called . . . . . . . .

Correct Answer

[#2488] Amount received from joint life policy in case of a death of a partner will be credited in partner's capital account to

Correct Answer

[#2489] In case of a company, total assets less outside liabilities is called:

Correct Answer

[#2490] For paying liabilities not taken over by the purchasing company, the vendor company credits

Correct Answer