Trading and Loss Profit Quiz: Part 2

Q.7 Which appears both in Trading and Profit & Loss Account a) Cost of Sales b) Net Profit c) Sales d) Gross Profit Q. 8 Which of the following does NOT appear in the Trading Account a) Closing Stock b) Purchase Returns c) Manager's Salary d) Import Duty Q. 9 Mr X wants to see his net profit for the year. Which financial document will provide the information a) Trial Balance b) Profit & Loss Account c) Cash Book d) Trading Account Q.10 What is net profit? a) Sales less purchases b) sales revenue less cost of sales and expenses c) the cash in the business bank account d) revenue less expenses Q. 12 Which of the following will NOT appear in Profit and Loss Account a) Purchases of Furniture b) Insurance Premium c) Repair of Furniture d) Salesman Commission Q. 13 Which of the following will result in a decrease in Net Profit ? a) Purchase of Land b) Commission paid to sales person c) Payment to creditors d) Payment of Loan Q. 14 Which item would appear in the Profit & Loss Account a) Carriage Inwards b) Sales c) Discount Received d) Drawings