CBSE Class 11 Accountancy Financial Statements 1 Quiz 1

1. Trading Account discloses-

A Gross profit B Net profit C Net loss D Gross profit or Gross loss

2. Direct Expenses are entered in:

A Trading Account B profit & Loss Account C Balance sheet D None of these

3. Profit and loss Account discloses:

A Gross profit B Gross profit or Gross loss C Gross profit or Gross loss D None of these

4. Goodwill is a-

A Fixed Asset B Current Asset C Fictitious Asset D None of these

5. Drawing is deducted from:

A Sales B Purchase C Returns outward D Capital