Accounting Practice MCQ Page 36

Multiple Choice questions for Accounting in the sets of 10 each on one page with questions and answers. All sets are useful in the preparation of subject tests for employment or admission.
Question: 3837   A man buys Rs. 40,000 worth of goods and sells of them for rs. 50,000. His gross profit is
  1. Rs. 10,000
  2. Rs. 20,000
  3. Rs. 30,000
  4. Rs. 40,000
Question: 3839   If sales are Rs. 10,000, expenses Rs. 2,000 and net profit is 10% of sales, the gross profit is
  1. Rs. 3,000
  2. Rs. 9,000
  3. Rs. 10,100
  4. Rs. 11,000
Question: 3840   If the gross profit is Rs. 5000 and the net profit is 25% of the gross profit ,the expenses must be
  1. Rs. 1,250
  2. Rs. 3,750
  3. Rs. 4,150
  4. Rs. 6,250
Question: 3841   If sales are Rs. 6,000, gross profit is 20% of sales and net profit is 10% of sales the expenses are
  1. Rs. 600
  2. Rs. 1,200
  3. Rs. 2,400
  4. Rs. 4,800
Question: 3842   An operating statement is similar to a
  1. trial balance
  2. balance sheet
  3. trading profit and loss account
  4. bank reconciliation statement
Question: 3843   Net sales equals sales minus
  1. returns outwards
  2. cost of goods sold
  3. returns inwards
  4. carriage on sales
Question: 3844   The turnover is
  1. Rs. 99,000
  2. Rs. 99,500
  3. Rs. 1,00.500
  4. Rs. 1,01,000
Question: 3845   The gross profit as a percentage of net sales is approximately
  1. 10%
  2. 20%
  3. 30%
  4. 40%
Question: 3846   The net cost of purchases for the year was
  1. Rs. 69,000
  2. Rs. 70.000
  3. Rs.71,000
  4. Rs.73,000
Question: 3847   Returns outwards amounted to
  1. Rs. 500
  2. Rs. 1,000
  3. Rs. 1,500
  4. Rs. 2,000
Question: 3848   If the purchases had been under cast by Rs. 10,000 the gross profit would be
  1. Rs. 31,500
  2. Rs. 41,500
  3. Rs. 51,500
  4. Rs. 61,500
Question: 3849   The cost of goods sold is
  1. Rs. 59,000
  2. Rs. 69,000
  3. Rs. 71,000
  4. Rs. 89,000

Answers to the questions of Accounting on this page

Following list gives the correct choice for the answer of the Accounting mcqs.
3837 . B       3839 . A       3840 . B       3841 . A       3842 . C       3843 . C       3844 . C       3845 . D       3846 . A       3847 . D       3848 . A       3849 . A      

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