LIFO stands for__________?
LIFO stands for__________?
A. Lots in , Few out
B. Link input, Format Output
C. Last input, First Output
D. Last in, First Out
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Average Accounting Return is a measure of accounting profit relative to:
Average Accounting Return is a measure of accounting profit relative to:
A. Book value
B. Intrinsic value
C. Cost
D. Market valueWhich of the following is not a feature of a promissory note?
Which of the following is not a feature of a promissory note?A. It must be in writing
B. It contains an unconditional promise to pay
C. It is payable to the bearer
D. It must be signed by the maker
C. According to the Negotiable Instrument Act, promissory note is not payable to the bearer. It must contain an order to pay. So this is not the characteristic of promissory note. Other options are the characteristics of promissory note.While finalizing the current year‘s accounts, the company realized that an error was made in the calculation of closing stock of the previous year. In the previous year, closing stock was valued more by 50,000. As a result
While finalizing the current year‘s accounts, the company realized that an error was made in the calculation of closing stock of the previous year. In the previous year, closing stock was valued more by 50,000. As a result
A. Previous year‘s profit is overstated and current year‘s profit is also overstated.
B. Previous year‘s profit is understated and current year‘s profit is overstated.
C. Previous year‘s profit is overstated and current year‘s profit is understated.
D. There will be no impact on the profit of either the previous year or the current year.
C. Closing stock overstatement and opening stock understatement increases the profits
and vice versa is also equally true.Goods return to supplier are known as:__________?
Goods return to supplier are known as:__________?A. Merchandise return
B. Purchase return
C. Return inwards
D. Sales returnWhich of the following is the practical implementation of the accounting equation?
Which of the following is the practical implementation of the accounting equation?
A. Cash flow statement
B. Income statement
C. Statement of changes in equity
D. Statement of financial positionThe periodic total of sales day book is posted to___________?
The periodic total of sales day book is posted to___________?
A. Sales A/c
B. Cash sales A/c
C. Sales return A/c
D. Credit sales A/c