A. Profit and Loss A/c
B. Trading A/c
C. Deducted from the concerned assets A/c
D. Shown on the liability side
A. Cash
B. Charity
C. Purchases
D. Sales
Which of the following is a revenue expenses?
A. Raw material consumed
B. Plant purchased
C. Long term loan raised from bank
D. Capital
A. Direct cost
B. Cost Sheet
C. Budget
D. Marginal Costing.
Which of the following is not correct about Errors?
A. Errors which affect one account can be errors of posting
B. Errors of omission arise when any transaction is left to be recorded
C. Errors of carry forward from one year to another year affect both Personal and Real A/c
D. Errors of commission arise when any transaction is recorded in a fundamentally incorrect manner
Error of Commission arises because of wrong recording, wrong casting, wrong carry
forward, wrong posting, wrong balancing etc.
Opening stock of raw material 11,570
Closing stock of raw material 10,380
Purchase of raw material during the month 1,28,450
Total manufacturing cost charged to product 3,39,165
Factory overheads are applied at the rate of 45% of direct labour cost.
The amount of factory overheads applied to production is
A. 65,025
B. 94,287
C. 95,020
D. 1,52,624
Net loss occurs when______________?
A. Expenses are greater than Income
B. Expenses are less than Income
C. Expenses=Income
D. Liabilities are greater than income