trading account

trading account

11th Grade

10 Qs

quiz-placeholder

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trading account

trading account

Assessment

Quiz

Other

11th Grade

Easy

Created by

Ramseena Koladi

Used 2+ times

FREE Resource

10 questions

Show all answers

1.

OPEN ENDED QUESTION

45 sec • 1 pt

write the equation to calculate gross profit

Evaluate responses using AI:

OFF

Answer explanation

gross profit=sales -(purchase+direct expences)

2.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

the profit arising out of trading account is called

3.

FILL IN THE BLANK QUESTION

10 sec • 1 pt

cost of goods sold=(opening stock+-------------+direct expenses)-closing stock

4.

FILL IN THE BLANK QUESTION

45 sec • 1 pt

in trading account , sales will be recorded on which side

5.

FILL IN THE BLANK QUESTION

30 sec • 1 pt

wages will be recorded on which side of trading account

6.

OPEN ENDED QUESTION

1 min • 1 pt

what is the eqaution for calculating net purchase

Evaluate responses using AI:

OFF

Answer explanation

net purchase=purchases-purchase return

7.

MULTIPLE CHOICE QUESTION

30 sec • 1 pt

Gross profit is incurred when

Net Sales are equal to Net Purchases

Net Purchase is more than Net Sales

Sales are less than cost of goods sold

Sales exceed the cost of sales

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