MCQs on "Profit and Loss": Find the multiple choice questions on "Profit and Loss", frequently asked for all competitive examinations.
Here are a few MCQs on Profit and Loss for your better understanding of the topic.
Q:1.
The profit and loss account of a company signifies the following.
- A. Profit and loss occurred from the sale of the company’s assets
- B. Profit and loss faced by the business or company
- C. Total capital put by the company
- D. None of the above
Q:2.
The expenditure of the revenue of a company or a business is recorded in which of the following?
- A. Balance sheet
- B. Trading account
- C. Account of profit and loss
- D. None of these
Q:3.
A person sells the car to another person at a loss of 10%. If the second person sells the car for Rs. 54000 and receives a 20% gain, what’s the actual price of the car?
- A. Rs. 60000
- B. Rs. 25000
- C. Rs. 75000
- D. Rs. 50000
Q:4.
If the selling price of 12 books is equivalent to the cost price of 18 copies, then calculate the profit per cent.
- A. 40%
- B. 50%
- C. 44%
- D. 20%
Q:5.
The cost price of 20 shoes is equivalent to the selling price of x shoes. What is the value of x if the profit percentage is 25%?
- A. 25
- B. 20
- C. 19
- D. 16
Q:6.
Increase of debit in the profit and loss is also called _____.
- A. Gross Profit
- B. Gross Loss
- C. Net Profit
- D. Net Loss
Q:7.
The selling price of two bicycles each is Rs. 3990, one with a gain of 54% and another with a loss of 5%. What is the loss and gain transaction on the total transaction?
- A. No gain and no loss
- B. 2.55 loss
- C. 0.25% loss
- D. 2.55% gain
Q:8.
Rick bought cold drinks of Rs. 56000. Then he sold 1/3rd of the total purchase to a 40% loss. How much profit does he need to earn on the remaining cold drinks to cover the loss?
- A. 20%
- B. 45%
- C. 60%
- D. 40%
Q:9.
In a clothing store, the profit percentage is 320% of the price. If its selling price remains the same and costs increase by up to 25%, then what percentage of the selling price will become profit?
- A. 100%
- B. 20%
- C. 70%
- D. 50%
Q:10.
The balance between the loss and profit account is transmitted to _________.
- A. Cash Flow Statement
- B. Trial Balance
- C. Trading Account
- D. Balance Sheet
