From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission 11% before charging such commission?
A. 6441
B. 5431
C. 7150
D. 5876
Bank reconciliation statement is prepared by____________??
A. Accountant of the business
B. Manager of the business
C. Controller of the bank
D. Accountant of the bank
The Basic accounting equation is___________??
A. Asset=Expense Income
B. Assets=Cash Capital
C. Assets=Capital Liabilities
D. Assets=Expenses Capital
Sundry debtors as per Trial Balance is 43,000 which includes 2,200 due from ‗H in respect of goods sent to him on approval basis, the cost price of which is 1,800. Rectification would involve:?
A. Adding 2,200 to closing stock
B. Deducting 1,800 from closing stock and deducting 2,200 each from debtors and sales
C. Adding 1,800 to closing stock and deducting 2,200 each from debtors and sales
D. Deducting 1,800 from debtors
Which of the following is not classified as inventory in the financial statements??
A. Finished goods
B. Work-in-process
C. Stores and spares
D. Advance payments made to suppliers for raw materials
Which of the following relationships is/are false??
A. Net Profit = Gross Profit – Administration and Other expenses
B. Net Profit = Gross Profit Administration expenses and Other expenses
C. Opening Stock Purchases – Closing Stock = Cost of Sales
D. Both
B. and
C. above
One of the most important tools in cost planning is__________??
A. Direct cost
B. Cost Sheet
C. Budget
D. Marginal Costing.
If the asset turnover and profit margin of a company are 1.85 and 0.35 respectively, the return on investment is.?
A. 0.65
B. 0.35
C. 1.50
D. 5.29
Which of the following shall not be deducted from net profit while calculating managerial remuneration??
A. Loss on sale of undertaking
B. Debts considered bad and written off
C. Liability arising from a breach of contract
D. Director’s remuneration
