Practice Test | Kullabs.com
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  • ______ is a financial statement, which helps to know the operating result of the business.

    Trial balance
    Profit and loss account
    Trading account
    Balance sheet
  • Profit and loss account is prepared after the preparation of ______.

    trial balance
    ledger accounts
    trading account
    balance sheet
  • "Profit and loss account is a statement which summarizes all indirect revenue expenses in one side which is compared with gross profit/ revenue incomes in another side and net trading income of an accounting period is assessed." Who said this?

    J. R. Batliboi
    S. Mukharjee
    S.P. Arora
    A. Ashley
  • Which one of them is not the objective of profit and loss account?

    To provide information about expenses and losses
    To provide information about other expenses and losses
    To provide information about selling and distributing expenses
    To provide information about office and administrative expenses
  • The expenses, which are incurred for fulfilling the financial need of the business, are known as ______.

    direct expenses
    accrued expenses
    outstanding expenses
    financial expenses
  • All the expenses, which are incurred in the process of operating the business, are known as ______.

    selling and distributing expenses
    preliminary expenses
    financial expenses
    office and administrative expenses
  • Expenses, which are incurred in the process of selling and distributing the goods, are known as ______.

    office and administrative expenses
    preliminary expenses
    selling and distributing expenses
    financial expenses
  • The expenses, which are incurred for fulfilling the financial need of the business, are known as ______.

    office and administrative expenses
    selling and distributing expenses
    preliminary expenses
    financial expenses
  • ______ is the permanent decrease in the value of fixed assets due to their continuous use.

    Patent
    Appreciation
    Depreciation
    Goodwill
  • Items relating to ______ are debited in the profit and loss account.

    depreciation
    selling and distributing expenses
    repairs and maintenance expenses
    all the options are correct
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