Discount allowed is___________?
Discount allowed is___________?
A. Expense of business
B. Income of business
C. Loss of business
D. Abnormal loss of business
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Closing 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 is not an intangible asset?
Which of the following is not an intangible asset?A. Trade mark
B. Franchise
C. Accounts Receivable
D. Secret Profit
An accounts receivable is not an intangible asset. It is the amount that the business has to receive from its debtors. The other assets mentioned in alternatives a, b, and d- trademark, franchises and secret processes are intangible assets. Hence, the correct answer is C.Cost of goods sold excludes___________?
Cost of goods sold excludes___________?
A. Opening Stock
B. Carriage inward
C. Wages & Salary
D. Postage & StampsDepreciation is calculated on the____________?
Depreciation is calculated on the____________?
A. Cost price of asset
B. Market price
C. Cost+ Transport+ Installation expenses
D. Cost or market values whichever is lessWhich of the following accounting equation is correct?
Which of the following accounting equation is correct?
A. Cash+Other assets=Capital-Liabilities
B. Capital+ Liabilities=Assets+Income
C. Assets-Liabilities=Capital
D. Assets+Capital=LiabilitiesBank reconciliation statement is prepared by____________?
Bank reconciliation statement is prepared by____________?A. Accountant of the business
B. Manager of the business
C. Controller of the bank
D. Accountant of the bank