Revenue is generally recognized as being earned at that point of time when?
Revenue is generally recognized as being earned at that point of time when?
A. sale is effected
B. cash is received
C. production is completed
D. debts are collected
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Which of the following error results in unadjusted cash book balance?
Which of the following error results in unadjusted cash book balance?A. Outstanding checks
B. Unpresented checks
C. Deposit in transit
D. Omission of Bank chargesFind the value of opening stock from the following data. Purchases 1,50,000, Closing stock 30,000 Sales 2,20,000, Gross profit 40,000.
Find the value of opening stock from the following data. Purchases 1,50,000, Closing stock 30,000 Sales 2,20,000, Gross profit 40,000.A. 50,000
B. 55,000
C. 60,000
D. 65,000_________ Checks that are presented to bank but not yet credited by the bank.
_________ Checks that are presented to bank but not yet credited by the bank.A. Unpresented checks
B. Uncredited checks
C. Outstanding checks
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Which of the following is the normal balance of a rent expense account?A. Credit balance
B. Cash balance
C. Overdraft
D. Debit balanceFavorable balance of bank statement implies that
Favorable balance of bank statement implies thatA. Credit balance
B. Debit balance
C. Bank overdraft
D. Adjusted balanceThe closing balance of petty cash book is considered as_________?
The closing balance of petty cash book is considered as_________?A. Liability
B. Asset
C. Expenses
D. Income