CBSE  /  Class 11  /  Accountancy  /  Financial Statements 1

  • 1. 
    Trading Account discloses-

  • Gross profit
  • Net profit
  • Net loss
  • Gross profit or Gross loss

  • 2. 
    Direct Expenses are entered in:

  • Trading Account
  • profit & Loss Account
  • Balance sheet
  • None of these

  • 3. 
    Profit and loss Account discloses:

  • Gross profit
  • Gross profit or Gross loss
  • Gross profit or Gross loss
  • None of these

  • 4. 
    Goodwill is a-

  • Fixed Asset
  • Current Asset
  • Fictitious Asset
  • None of these

  • 5. 
    Drawing is deducted from:

  • Sales
  • Purchase
  • Returns outward
  • Capital
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