Which column of a cash book will not have credit balance___________?
Which column of a cash book will not have credit balance___________?
A. Bank column
B. Discount column
C. Cash column
D. None
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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.Find the cost of goods sold if goods are sold for 2,000 at 25% profit on cost?
Find the cost of goods sold if goods are sold for 2,000 at 25% profit on cost?A. 1,600
B. 1,500
C. 1,000
D. 1,800Total Sales value =2000Gross Profit =25 % of Sales
= 25/100×2000
= 500 Gross Profit
Cost of Goods = Total Sales – Gross Profit
=2000-500 = 1500Property, Plant and Equipment are conventionally presented in the Balance Sheet at _________?
Property, Plant and Equipment are conventionally presented in the Balance Sheet at _________?A. Replacement cost – Accumulated Depreciation
B. Historical cost – Salvage Value
C. Historical cost – Depreciation portion thereof
D. Original cost adjusted for general price-level changesThe amount payable to a person as consideration for the use of rights vested in him is
The amount payable to a person as consideration for the use of rights vested in him is
A. Dividend
B. Royalty
C. Purchase consideration
D. InstallmentB. The amount paid to the landlord for use of rights vested in him is the royalty. Dividend is the amount paid for the investment made in an enterprise and is not the correct answer. Purchase consideration is the price paid for receiving a title of a property moveable and immoveable and is not the correct answer. Installment is the payment of amount in stages and is not the amount paid for using the rights vested in the landlord and is not the correct answer.
Uncollected checks also referred as______________?
Uncollected checks also referred as______________?A. Unpresented checks
B. Uncredited checks
C. Outstanding checks
D. Bounced checksWhich of the following equations is correct?
Which of the following equations is correct?A. Gross Profit+ Sales+ Direct expenses+ Purchases+ Closing stock = Opening stock
B. Gross Profit+ Sales+ Direct expenses+ Purchases- Closing stock = Opening Stock
C. Gross Profit + Opening Stock + Direct expenses + Purchases- Closing stock = Sales
D. Gross Profit – Opening Stock + Direct expenses + Purchases +Closing stock = Sales