Gross profit equals to:
- Net profit − Expenses
- Sales − Closing stock
- Purchases − Closing stock
- Sales − Cost of goods sold
Show answer and explanation
Answer: D. Sales − Cost of goods sold
Gross profit = Net Sales − Cost of Goods Sold.
I.Com Accounting: Final Accounts, questions with answers
Practise 15 real Federal Board questions on Final Accounts from 2023 to 2026. See the answer and explanation as soon as you answer.
15real questions
8multiple choice
5exam sessions
About Final Accounts in I.Com Accounting
Final Accounts is one of the 10 main chapters in our Federal Board I.Com Accounting question bank (11th and 12th class), and about 4% of its real questions come from it. Tayyari Karo has 15 real questions on this chapter from 2023 to 2026; 8 are multiple choice and marked instantly, and the rest are short and long questions with a model answer. By difficulty: 5 easy, 5 hard, 5 medium.
Work through the questions below, then open the explanation for each one. Redo the ones you missed a few days later.
Try 8 real questions
These are real past-paper questions. Think of your answer first, then open the explanation.
All revenue expenditures are taken to:
- Trading a/c
- Trading, profit loss a/c
- Balance sheet
- Capital account
Show answer and explanation
Answer: B. Trading, profit loss a/c
Revenue expenditures are charged against income in the trading and profit and loss account of the period in which incurred.
Loss on sale of goods is a:
- Capital loss
- Revenue loss
- Revenue payment
- Deferred loss
Show answer and explanation
Answer: B. Revenue loss
Selling goods (part of normal trading operations) below cost results in a revenue loss, since it relates to the ordinary trading activity.
Sales is a revenue receipt because:
- The amount is small
- It relates to routine activity of the business
- It is received in the many accounting years
- No recurring receipt
Show answer and explanation
Answer: B. It relates to routine activity of the business
Sales proceeds arise from the routine, regular trading activity of the business, which is the defining feature of a revenue receipt.
If the cost of goods sold is Rs.350,000 and gross profit on cost is 15% then the value of sales will be Rs.
- 42500
- 402500
- 42250
- 40500
Show answer and explanation
Answer: B. 402500
Gross profit = 15% × 350,000 = 52,500. Sales = COGS + Gross Profit = 350,000 + 52,500 = 402,500.
Position statement is similar to:
- Trial balance
- Balance sheet
- Financial statement
- Bank reconciliation
Show answer and explanation
Answer: B. Balance sheet
The 'position statement' is another name for the balance sheet, since it shows the financial position of a business at a point in time.
Elaborate 'cost of goods sold' briefly.
Show model answer
Cost of goods sold (COGS) is the direct cost incurred to acquire/produce the goods that were actually sold during the period. It is calculated as: Opening stock + Purchases + Direct expenses (carriage inward, wages, etc.) − Closing stock. COGS is deducted from net sales to determine gross profit.
Give three examples of administrative expenses.
Show model answer
Examples of administrative expenses (indirect expenses relating to the general management and administration of the business, shown in the profit and loss account): (1) Office salaries, (2) Office rent and rates, (3) Printing and stationery / office telephone and postage expenses.
Sessions with Final Accounts questions
| Session | Questions |
|---|---|
| 2026 Annual | 2 |
| 2025 1st Annual | 5 |
| 2025 2nd Annual | 2 |
| 2024 Annual | 4 |
| 2023 Annual | 2 |
Common questions
What does the Final Accounts chapter cover on this page?
15 real Federal Board (FBISE) Accounting questions on Final Accounts from 2023 to 2026, for 11th and 12th class. Each one shows the session it came from.
Are the answers official?
No. We could not find an official FBISE marking scheme for these papers, so the answers and explanations are written by Tayyari Karo for practice. Check anything important with your teacher or textbook.
Is it free?
You can start free with no signup. A small set of papers per subject is free, and Premium unlocks the full question bank.