Terminologies Used In Trading Account - SS1 Accounting Past Questions and Answers - page 1
1
What does opening stock refer to in a trading account?
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A
The value of inventory held at the beginning of a trading period
B
The value of inventory held at the end of a trading period
C
The total amount spent on purchasing inventory during a trading period
D
The total amount received from selling inventory during a trading period
2
What does COGS stand for in a trading account?
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A
Cost of goods sold
Â
B
Cost of goods stored
C
Cost of goods shared
D
Cost of goods saved
3
What is net profit in a trading account?
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A
The profit earned from trading activities before deducting expenses
B
The profit earned from trading activities after deducting all expenses
C
The total amount spent on purchasing inventory during a trading period
D
The total amount received from selling inventory during a trading period
4
What is gross profit in a trading account?
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A
The profit earned from trading activities before deducting expenses
B
The profit earned from trading activities after deducting all expenses
C
The total amount spent on purchasing inventory during a trading period
Â
D
The total amount received from selling inventory during a trading period
5
What is closing stock in a trading account?
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A
The value of inventory held at the end of a trading period
B
The value of inventory held at the beginning of a trading period
Â
C
The total amount spent on purchasing inventory during a trading period
D
The total amount received from selling inventory during a trading period
6
What is the purpose of COGS in a trading account?
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7
What is the difference between gross profit and net profit in a trading account?
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