Practice Test |
  • Trading account is the first step of ______.

    final accounts
    trial balance
    government accounting
    balance sheet
  • Which one of them is not the objective of trading account?

    To provide information about factory expenses
    To provide information about direct incomes
    To provide information about stock
    To provide information about net purchases and net sales
  • The expense, which incur in connection with the purchases and wages, are called ______.

    accured expenses
    direct expenses
    outstanding expenses
    indirect expences
  • Trading account is prepared at the end of the accounting period to know the amount of ______.

    net profit or net loss
    gross profit or gross loss
    only net loss
    only gross profit
  • The expense, which incur inside the factory for the production of goods is called ______.

    factory expenses
    office expenses
    outstanding expenses
    direct expenses
  • The trading account contains the items relating to ______.

    all the options are correct
    purchases and sales
    direct expenses and manufacturing expenses
  • Trading account is prepared in the form of ______.

    trial balance
    journal voucher
  • ______ is the stock of goods, which remained unsold at the end of the previous accounting period.

    Closing stock
    Average inventory
    Opening stock
  • The expenses, which are incurred inside the factory for the production of the goods, are known as ______.

    factory or manufacturing expenses
    preliminary expenses
    selling expenses
    purchase related expenses
  • ______ is the example of manufacturing or factory expenses.

    Factory rent
    All the options are correct
    Motive power
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