Short term Assets expected to be converted into cash within 1 year or less than??
A. Current Assets
B. Fixed Assets
C. Current Assets
Category: Accounting Mcqs
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
The portion of the acquisition cost of the asset yet to be allocated is known as___________??
A. Written down value
B. Accumulated value
C. Salvage value
D. Residual Value
Liability are arisen from which of the following events??
A. Present event
B. Future event
C. Past event
D. None of them
Benefits of preparing Bank Reconciliation Statement includes___________??
A. It bring out any errors committed in preparation of Cash book / Bank Pass Book
B. Highlights under delay in clearance of cheques deposited but not credited
C. Help know actual bank balance
D. All the three
Riaz holds an average inventory of 36,000(CP) with an inventory turnover of 5 times. If the firm makes a gross profit of 25% on sales, find the total sales of the company.?
A. 2,40,000
B. 2,10,000
C. 2,00,000
D. 1,80,000
The amount invested by the proprietor to start the business is called:?
A. Capital
B. Business
C. Drawings
D. All of them
X draws a Bill of Exchange on Y for 10,000 on 1-1-2013 for 3 months. The due date of the bill will be_________??
A. 4-4-2013
B. 3-4-2013
C. 1-4-2013
D. 31-3-2013
Which of the following is not a method of charging depreciation??
A. Straight line Method
B. Written down value Method
C. Discounted present value Method
D. Sum of digits Method
The standard format of journal does not include which of the following??
A. Assets column
B. Date column
C. Description column
D. Amount column
