Accounting & Economics

Which of the following is added to purchases in trading account? A. Carriage inwards B. Carriage outwards C. Returns inwards

The excess of net sales over cost of sales is known as ---
A. Net profit B. Gross profit C. Net loss

The satisfaction obtained from the consumption of a commodity is termed
A. Equilibrium B. Choice C. Utility

The reward for entrepreneurship is --
A. Interest B. Rent C. Profit

The cost that doesn't change as output changes is termed---
A. Fixed cost B. Average cost C. Marginal cost

The sum of fixed cost (FC) and variable cost(VC) is termed
A. Marginal cost B. Total cost C. Average cost

Who is regarded as the father of Accounting? A. Adams Smith B. Luca Pacioli C. Alfred Marshall

The excess of total revenue (TR) over total cost (TC) is termed ---A. Profit B. Loss C. Break-even