If the minimum stock level and average stock level of raw material are 4,000 and 9,000 units respectively, find out its reorder quantity.?
A. 8,000 units
B. 11,000 units
C. 10,000 units
D. 9,000 units
Category: Accounting Mcqs
If goods worth 1,750 returned to a supplier is wrongly entered in sales return book as 1,570, then?
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
When bill discounted with the bank is dishonored??
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
An income statement in which each item expressed as percentage of Sale??
A. Balance sheet
B. income statement
C. common size income statement
D. All of the Above
Cash received from debtor is recorded in which of the following SPECIALIZED journals??
A. Purchase journal
B. Sales journal
C. Cash receipts
D. Cash payments journal
An account records the ___________ in the balance of an item??
A. Increase
B. Decrease
C. Increase or decrease
D. Appreciation
Favorable balance of bank statement implies that?
A. Credit balance
B. Debit balance
C. Bank overdraft
D. Adjusted balance
Investment in own share A/c appears in____________??
A. Asset side
B. Liability side
C. Netted from Capital
D. Profit
Sales and purchase journal don’t record__________??
A. Credit sales
B. Credit purchases
C. Credit sales and purchases
D. Cash sales and purchases
Which of the following statements is /are true??
A. Entering wrong amount in the subsidiary book affects the agreement of the Trial Balance
B. Undercasting or overcastting of a subsidiary book is an example or error of commission
C. Errors of principle do not affect the agreement of Trial Balance
D. Both
B. and
C. above
