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Practice Questions
Test your understanding with targeted questions related to the topic.
Question 1
Easy
What are indirect expenses? Give two examples.
💡 Hint: Think about overhead costs.
Question 2
Easy
What does net profit represent?
💡 Hint: Consider the result of earnings after deductions.
Practice 4 more questions and get performance evaluation
Interactive Quizzes
Engage in quick quizzes to reinforce what you've learned and check your comprehension.
Question 1
What is included in the Profit and Loss Account?
- Only direct income
- All indirect income and expenses
- Only cash transactions
💡 Hint: Think broadly about the types of income.
Question 2
True or False: Net profit can sometimes reflect a loss.
- True
- False
💡 Hint: Consider what the terms 'net profit' and 'net loss' mean.
Solve 1 more question and get performance evaluation
Challenge Problems
Push your limits with challenges.
Question 1
A restaurant reports gross profit of ₹150,000 from sales of ₹200,000. It has indirect expenses of ₹50,000 and indirect income of ₹10,000. Calculate the net profit or loss.
💡 Hint: Pay attention to the order of operations when calculating net profit.
Question 2
If a company had a net loss of ₹30,000 last year due to high indirect expenses, and this year it managed to reduce those expenses by ₹15,000 while revenue remains the same, what is the new net loss?
💡 Hint: Think through how expense reduction impacts net results.
Challenge and get performance evaluation