Period cost include which of the following ?
Period cost include which of the following ?
A. selling Expense
B. Direct labor
C. factory overhead
D. selling Expenses & administrative expenses
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Difference in Bank Balance as per Pass Book and Cash Book may arise on account of_____________?
Difference in Bank Balance as per Pass Book and Cash Book may arise on account of_____________?A. Cheque issued but not presented
B. Cheque issued but dishonoured
C. Cheque deposited and credited by bank
D. Both A. and B.Differences in Bank Balance as per Bank Pass Book and Cash Book arise due to many reasons. Few of them are Cheques issued (a credit entry in Cash Book made) but not presented for payment (so no corresponding entry in Pass Book).
Cheques issued (a credit entry in Cash Book made) but dishonoured (so no corresponding entry made in Pass Book).
In case of cheques deposited and credited by bank, entries in both Cash Book and the Bank Pass book are made, hence no difference arises. Hence option D. is the right option. Only in situations A. and B. result in differenceIdentify the nominal account
Identify the nominal account
A. Machinery account
B. Building account
C. Creditors account
D. Rent expenses accountWhile 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.Which of the following is not a financial statement?
Which of the following is not a financial statement?A. Profit and Loss Account
B. Balance Sheet
C. Funds Flow Statement
D. Trial Balance
Trial Balance D. is not a financial statement. It is a list of all accounts showing
outstanding balances at the end of the accounting period. It helps in the preparation of financial statements. The Profit and Loss Account A.; Balance Sheet B. and Funds Flow statement C. are the financial statements prepared by a business entity. Funds flow statement though categorized as one of the financial statements, its preparation is not mandatory. Thus D. is the correct answerWhich of the following is known as an evidence that a transaction took place?
Which of the following is known as an evidence that a transaction took place?
A. Cash receipts journal
B. General journal
C. Source document
D. Cash bookWhich of the following is an one sided error?
Which of the following is an one sided error?
A. 500 purchase of old equipment not recorded in the books of A/c at all
B. 500 being expense on travelling expense credited to travelling expenses
C. Both
D. None