Accounting Practice MCQ Page 46

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: 4247   The rate of turnover of stock is the
  1. total value of turnover
  2. average stock divided by the cost of sales
  3. numbers of times the average stock is sold
  4. average of the opening and closing stock
Question: 4248   The cost of goods sold is the
  1. average stock divided by the rate of turnover of stock
  2. average stock multiplied by the turnover
  3. rate of turnover of stock divided by the average stock
  4. average stock multiplied by the rate of turnover of stock
Question: 4249   Which one of the following is most likely to have the lowest rate of stockturn?
  1. a super market
  2. a greengrocer
  3. a newsagent
  4. a jeweler
Question: 4250   If a supermarket marks up its goods for resale by 10% on cost, the gross profit made on Rs. 1,000 worth of purchased should be
  1. Rs.100
  2. Rs.900
  3. Rs.1,000
  4. Rs.1,100
Question: 4252   During a year a store makes a gross profit of Rs.80,000 which is 20% of the cost of goods sold. The sales mast therefore be
  1. Rs. 4,00,000
  2. Rs. 4,80,000
  3. Rs. 4,00,000
  4. Rs. 1,00,000
Question: 4253   During a year a store's sales are Rs.5,00,000 and expenses are 20% of the gross profit. If 25% is added to he cost price of goods to obtain the selling price, the net profit is
  1. Rs. 25,000
  2. Rs. 55,000
  3. Rs. 80,000
  4. Rs. 1,00,000
Question: 4254   A trader starts a business with Rs.10000 cash and a van worth Rs.5000. At the end of his first year he has Rs.2000 in the bank, stock worth Rs.5,000, debtors valued Rs.2,000 and the van which is now worth Rs.Rs.4,000. If he has withdrawn Rs.2,000 from the business during the year for private expenses, he has made
  1. a loss of Rs.1,000
  2. neither a profit nor a loss
  3. a profit of Rs.1,000
  4. a profit of Rs.2,000
Question: 4257   A store's make up is the
  1. gross profit expressed as a percentage of the cost of goods sold
  2. gross profit expressed as a percentage of the sales
  3. not profit expressed as a percentage of the cost of good sold
  4. net profit expressed as a percentage of the sales
Question: 4258   A store's margin is the
  1. gross profit expressed as a percentage of the cost goods sold
  2. gross profit expressed as a percentage of the sales
  3. net profit expressed as a percentage of the cost goods sold
  4. net profit expressed as a percentage of the sales
Question: 4259   A trader uses his business bank account and writes cheques totalling Rs 25,000 for his private use. He also takes stock valued at Rs.9,000 from the shelves for his own use, and decides to give his daughter one of the firm's typewriters valued at Rs.1,200 as she is starting a secretarial course at the local college. His drawings for the year total
  1. Rs. 25,000
  2. Rs. 26,200
  3. Rs. 34,000
  4. Rs. 35,200
Question: 4260   if a store's mark up is 25% the margin must be
  1. 5%
  2. 10%
  3. 15%
  4. 20%
Question: 4261   Ten people formed a partnership and contributed Rs.100 each to the venture. The total capital was used to purchase goods which were resold at a mark up of 100% on cost. If expenses were 25% of sales an the net profit was distributed equally to the partners, each partner has increased his initial capital by
  1. 25%
  2. 50%
  3. 75%
  4. 100%

Answers to the questions of Accounting on this page

Following list gives the correct choice for the answer of the Accounting mcqs.
4247 . C       4248 . D       4249 . D       4250 . A       4252 . B       4253 . C       4254 . B       4257 . A       4258 . B       4259 . D       4260 . D       4261 . B      

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