Each Section contains maximum 100 MCQs question on Profit and Loss. We encourage students to be entirely focused on their Profit and Loss topic preparation. Therefore we don’t charge any fees, and the entire platform is free to use.
What is SP in profit and loss?
Suraj sold an item for Rs.1600 and incurred a loss of 20%. At what price, should he have sold the item to have gained a profit of 30%. Profit is the financial gain earned when total revenue exceeds total expenses, and loss is the financial deficit incurred when total expenses exceed total revenue.
Profit and Loss Formula, Account, Questions & Answers – Full Guide
A shopkeeper sells a cricket bat whose marked price is Rs.60 at a discount of 20% and gives a ballcosting Rs.3 free with each bat. Practice crucial Profit and Loss questions to improve understanding. Profit and Loss questions and answers carry a high weightage at the examination and should be prepared on a daily basis. Profit and Loss questions and answers are provided below for you to learn and practice. The more questions a candidate answers, the better their understanding of the Profit and Loss concepts and their ability to answer quickly and accurately.
It is prepared based on accounting principles that include revenue recognition, matching, and accruals, which makes it different from the cash flow statement. Q 4 – The CP of 25 articles is equal to SP of 20 articles. If you missed any of the previous chapters of our accounting learning course, you can find them here.
What will be the percentage loss or gain if he reduces the price to Re 55 due to less demand. The closing balance of the owner’s equity is shown after total liabilities. The total assets will be equal to the sum of the closing balances of the owner’s equity and total liabilities. By reading this post, you can quickly prepare for accounting courses and any competitive tests, such as school and college exams, vivas, job interviews, and so on. Therefore, we all know that many of the topmost IT companies such as Verizon, Capgemini, Google, TCS, Tech Mahindra, and more companies are conducting the Aptitude Test as a main selection round. So, we recommend the competitors that before going to take a part in any Government Exams can come to our website and take the Profit and Loss Quiz Online Test.
- Q9 A dishonest shopkeeper professes to sell pulses at the cost price, but he uses a false weight of 950gm.
- Q 7 – Anil buys a calculator for Re 600 and sells it to Vikash at 10% profit.
- If he had bought it at 20% more and sold it for Re 115 less, he would have incurred a loss of 40%.
- Each Section contains maximum 100 MCQs question on Profit and Loss.
- You can download the Aptitude quiz questions and answers section on “Profit and Loss” as PDF files or eBooks.
- If you read these 45 important financial statement questions and answers on a regular basis, you will gain a better understanding of the “Financial Statement” chapter.
Quantitative Aptitude for Competitive Exams – Full Syllabus & PDF
Find the percent change in the actual price or loss. Q 7 – Anil buys a calculator for Re 600 and sells it to Vikash at 10% profit. Chandan after using it for certain time, sells it to Dinesh at a loss of 20%.
Profit and Loss is a topic that is definitely asked in every placement exam. While the questions are not too tricky, some require deeper understanding of concepts, but most of them are based on certain well-known formulas. Q 16 – A 10% hike in the price of wheat forces a person to purchase 2 kg less for Re 110.
The cost price of 1st watch is equal to the selling price of 2nd watch. If the first watch is sold at a loss of 33.33% and the second watch is sold at the gain of 60%. Q 14 – Ram sells chocolates at a profit of 20% for Re 60.
A sells an article to B at a profit of 10% B sells the article back to A at a loss of 10%. In this transaction:
- Practice crucial Profit and Loss questions to improve understanding.
- We help students to prepare for placements with the best study material, online classes, Sectional Statistics for better focus and Success stories & tips by Toppers on PrepInsta.
- Mastery of this topic is essential for cracking exams that emphasize analytical and mathematical skills.
- You have picked up the correct profit figure for this calculation, profit before tax, correctly divided profit before tax by revenue and multiplied by 100%.
IndianStudyHub is providing all Profit and Loss Problems and answers along with detailed explanation and solutions in an easy and understandable way. The solutions are explained in elaborated manner to get clear subject knowledge. Profit and Loss Problems of Numerical and Quantitative Aptitude is used to improve individual’s computational capabilities. Here you will be able to practice and learn All Boats and streams Problems along with Explanations (Questions with Answers) which will improve your Math skills.
If one fourth of the substance is sold at a loss of 10% and theremaining at a gain of 5%, Find out the overall gain or loss percentage. This section focuses on “Profit and Loss” of Quantitative Aptitude. Q10 A dishonest shopkeeper professes to sell pulses at the 20% profit , also he uses a false weight of 800gm for a kg, His actual gain is____%. Q9 A dishonest shopkeeper professes to sell pulses at the cost price, but he uses a false weight of 950gm. You can download the Aptitude quiz questions and answers section on “Profit and Loss” as PDF files or eBooks. Regular practice with a diverse set of Profit and Loss questions, ranging from simple to complex, is the most effective way to improve problem-solving skills in this area.
If selling price is doubled, the profit triples. The profit percent is :
These questions test your understanding of key terms like cost price (CP), selling price (SP), profit, loss, and profit/loss percentages. Profit and loss is an essential topic in business, accounting, and competitive exams. Whether you want to understand what is profit and loss account or master aptitude questions, this guide covers everything you need. The document contains a list of 50 important aptitude questions focused on profit and loss, along with multiple-choice answers for each question.
Moreover, we insist that people, to get further updates just scroll down your pointer. And also don’t remember to add the given Profit profit and loss aptitude questions and answers and Loss Aptitude Questions and Answers on your preparation time. CP stands for Cost Price – the price at which an item is purchased. SP is Selling Price – the price at which the item is sold. MP means Marked Price – the price printed on the product before any discounts.
Also helps to write the Bank, Competitive Examination (like IBPS, LIC AAO, MAT, CAT, GRE) and other Government entrance test (SSC CGL, CDS, NDA, SCRA Railway Apprentice Exams, RRB, RBI ACIO). Profit and loss is a rational problem which you can find here and can solvethe different MCQs and other problems related to profit and loss. This was all about the “Profit and Loss Questions and Answers”.
Profit and Loss Multiple Choice Questions For Competitive Exams
Yes, understanding key formulas like profit percentage and loss percentage can expedite problem-solving in Profit and Loss questions. Shivam spent Rs.4,000 on its maintenance and then Shivam sold it to Adarsh at 18% loss. Find out the price at which Adarsh purchased the bike. IndiaBIX provides you with numerous Aptitude questions and answers with explanations. Fully solved problems with detailed answer descriptions and explanations are given and will be easy to understand. By selling an article for Rs. 1380, a man incurs a loss of1427% What should be the selling price of that article to gain 1427%.