Current assets – Current liabilities=?
Current assets – Current liabilities=?
A. Capital
B. Absorbed capital
C. Net assets
D. Net working capital
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Debit balance as per bank pass book mean_____________?
Debit balance as per bank pass book mean_____________?
A. Surplus cash
B. Bank Overdraft
C. Terms deposits with bank
D. None of theseClosing stock is generally valued at______________?
Closing stock is generally valued at______________?
A. Cost Price
B. Market Price
C. Cost price or Market price whichever is higher
D. Cost price or Market price whichever is lower[Hints: D. Para 5, of AS-2 states that inventories should be valued at the lower of cost and net realizable value.]
Which of the following errors is an error of omission?
Which of the following errors is an error of omission?
A. Sale of ` 100 was recorded in the Purchases Journal
B. Wages paid to Mohan have been debited to his account
C. The total of the sales journal has not been posted to the Sales Account
D. Repairs to buildings have been debited to buildings accountError of omission occurs when a transaction is entirely omitted from record in the original books partially omitted while posting. Therefore, omission of posting of the sales journal to the Sales Account is an error of omission.
_________ Checks that are presented to bank but not yet credited by the bank.
_________ Checks that are presented to bank but not yet credited by the bank.A. Unpresented checks
B. Uncredited checks
C. Outstanding checks
D. Bounced checksUncollected checks also referred as______________?
Uncollected checks also referred as______________?A. Unpresented checks
B. Uncredited checks
C. Outstanding checks
D. Bounced checksThe real accounts are accounts of Assets, liabilities and ___________?
The real accounts are accounts of Assets, liabilities and ___________?A. Expenses
B. Revenues
C. Capital
D. Drawing