Discount for quick repayment of debt is normally referred as____________?
Discount for quick repayment of debt is normally referred as____________?
A. Trade discount
B. Prompt payment discount
C. Cash discount
D. Bulk discount
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Which of the following assets is/are to be valued at the lower of cost and net realizable value?
Which of the following assets is/are to be valued at the lower of cost and net realizable value?
A. Goodwill
B. Inventories
C. Investments
D. Both B. and C. above.Inventories B. are to be valued at the lower of cost and net realizable value. All the other assets stated in other alternatives are valued as per the cost concept. Goodwill A. is a fixed intangible asset and is shown at the cost of its acquisition. Investments C. are valued at cost or market value whichever is less. The combination of B. and C. is incorrect because a correct answer with incorrect answer is an incorrect answer. Thus, the correct answer is B
IFRS 9 explains about?
IFRS 9 explains about?A. Inventory
B. Accounts Payable
C. Accounts Receivable
D. ExpensesIFRS 9 is an International Financial Reporting Standard (IFRS) published by the International Accounting Standards Board (IASB). It addresses the accounting for financial instruments.
Find out the value of assets if: Liabilities=$5000 and Capital=$1000
Find out the value of assets if: Liabilities=$5000 and Capital=$1000
A. $4000
B. $6000
C. $7000
D. $3000Petty cash fund is supposed to be replenished?
Petty cash fund is supposed to be replenished?A. Every day
B. Every half year
C. Every year
D. At the end of every accounting periodUnpresented checks also referred as____________?
Unpresented checks also referred as____________?A. Uncollected checks
B. Uncredited checks
C. Outstanding checks
D. Bounced checks
An unpresented check is a check written by a company and entered in its records, but the check has not yet cleared the company’s checking account. In other words, the check has not yet been paid by the bank on which the check is drawn. An unpresented check is also known as an outstanding check.Which of the following is a representative Personal A/c?
Which of the following is a representative Personal A/c?
A. Outstanding Salary A/c
B. Rent A/c
C. SBI A/c
D. Bad debts A/c