Which of the following assets is/are to be valued at the lower of cost and net realizable value??
A. Goodwill
B. Inventories
C. Investments
D. Both
B. and
C. above.
A. Goodwill
B. Inventories
C. Investments
D. Both
B. and
C. above.
A. Shown as a deduction from contract work-in-progress on asset side
B. Shown as a liability
C. Credited to P
A. Identification of economic event
B. Communication of financial information
C. Recording financial information
D. Making decisions about business
A. Purchases
B. Prompt payment
C. Sales
D. Sales return
A. 8,000 units
B. 11,000 units
C. 10,000 units
D. 9,000 units
A. Net Profit will decrease by 3,140
B. Gross Profit will increase by 3,320
C. Gross Profit will decrease by 3,500
D. Gross Profit will decrease by 3,320
A. Acceptor’s Account is debited in the books of drawer
B. Bills Receivable Account is credited in the books of drawer
C. Bank Account is debited in the books of drawer
D. Bills Payable Account is debited in the books of drawer
A. Balance sheet
B. income statement
C. common size income statement
D. All of the Above
A. Purchase journal
B. Sales journal
C. Cash receipts
D. Cash payments journal
A. Increase
B. Decrease
C. Increase or decrease
D. Appreciation