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

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

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

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

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

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

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

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

    Motive power
    All the options are correct
    Factory rent
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