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. 1,800
Category: Accounting Mcqs
Journals are also referred as_____________??
A. Book of entries
B. Book of original entries
C. T account
D. Books of economic event
Cost of goods sold excludes___________??
A. Opening Stock
B. Carriage inward
C. Wages
$5000 deposited in bank account was entered twice in the cash book. Identify the correct adjustment in cash book.?
A. $5000 will be credited
B. $5000 will be debited
C. $10,000 will be credited
D. $10,000 will be debited
Which of the following error is an error of principle?
A. 5,000 received from Sham credited to Ram A/c
B. 5,000 incurred on installation of new plant debited to travelling expenses A/c
C. 500 paid for wages debited to salary A/c
D. 500 being purchase of raw material debited to purchase A/c ` 50
Buildings account is debited with an amount towards repairs. This is an example of??
A. Error of commission
B. Error of principle
C. Error of omission
D. Compensating error
For the past 3 years, DK Ltd. has failed to accrue unpaid wages earned by workers during the last week of the year. The amounts omitted, which were considered material, were as follows:?
March 31,2010 – ` 56,000 March 31, 2011 – ` 51,000 March 31, 2012 – ` 64,000 The entry on March 31, 2012 to rectify these omissions would include a A. Credit to wage expense for ` 64,000
B. Debit to wage expense for ` 64,000
C. Debit to wage expense for ` 51,000
D. Debit to wage expense for ` 13,000
Which of the following is generally not the party to a check??
A. Payee
B. Payer
C. Bank
D. Seller
The maintenance of accounts in a systematic way is called__________??
A. Accounting
B. Reading
C. Book Keeping
D. Auditing
Which of the following is true regarding closing entries??
A. They must be followed by reversing entries
B. They transfer the balances in all of the Nominal Accounts to the Trading and Profit and Loss Account
C. They must be made after the reversing entries but before the adjusting entries
D. They must be made after the adjusting entries but before the reversing entries
