__________ is a deduction from the list or catalogue price allowed by the wholesalers to the retailers for various reasons.
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Question 2 of 25
2. Question
1 points
Category: Fundamentals of Accounting & Auditing
Which of these items will appear in a Manufacturing A/c?
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Incorrect
Question 3 of 25
3. Question
1 points
Category: Fundamentals of Accounting & Auditing
Which of the following type of discount is not considered in accounts?
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Incorrect
Question 4 of 25
4. Question
1 points
Category: Fundamentals of Accounting & Auditing
If outside liabilities and owners equity are added we get-
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Incorrect
Question 5 of 25
5. Question
1 points
Category: Fundamentals of Accounting & Auditing
________ is a secret reserve usually created to provide for the loss by way of fluctuation in the value of investment
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Incorrect
Question 6 of 25
6. Question
1 points
Category: Fundamentals of Accounting & Auditing
Which of these are allowed to create secret reserves in their books of account?
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Incorrect
Question 7 of 25
7. Question
1 points
Category: Fundamentals of Accounting & Auditing
An increase in one liability may lead to-
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Incorrect
Question 8 of 25
8. Question
1 points
Category: Fundamentals of Accounting & Auditing
Choose the true statement.
Correct
Incorrect
Question 9 of 25
9. Question
1 points
Category: Fundamentals of Accounting & Auditing
Choose the true statement.
Correct
Incorrect
Question 10 of 25
10. Question
1 points
Category: Fundamentals of Accounting & Auditing
Which of this A/c appearing in trial balance is NOT transferred to income statement?
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Incorrect
Question 11 of 25
11. Question
1 points
Category: Fundamentals of Accounting & Auditing
A Customer returning the goods purchased on credit, may inform the seller by sending-
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Incorrect
Question 12 of 25
12. Question
1 points
Category: Fundamentals of Accounting & Auditing
The document listing the latest balances of all Real and Personal A/c in the ledger on a given date is known as-
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Incorrect
Question 13 of 25
13. Question
1 points
Category: Fundamentals of Accounting & Auditing
To convert the accounts prepared on cash system of accounting into mercantile system of accounting, which of these adjustments is not necessary
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Incorrect
Question 14 of 25
14. Question
1 points
Category: Fundamentals of Accounting & Auditing
If gross profit ratio is 25% on cost, it is … % on sales.
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Incorrect
Question 15 of 25
15. Question
1 points
Category: Fundamentals of Accounting & Auditing
The balance in books of X, a sole proprietor were:
Opening stock 17,000, Purchase 52,000, Wages 46,500, Freight 15,000. Sales 1,45,000 and Closing Stock 25,000 whose Net Realizable value was 28,000. Gross Profit=?
Correct
Incorrect
Question 16 of 25
16. Question
1 points
Category: Fundamentals of Accounting & Auditing
If gross profit ratio is 25% sales, it is… % on cost.
Correct
Incorrect
Question 17 of 25
17. Question
1 points
Category: Fundamentals of Accounting & Auditing
If gross profit ratio is 50% on cost, it is … % on sales.
Correct
Incorrect
Question 18 of 25
18. Question
1 points
Category: Fundamentals of Accounting & Auditing
If gross profit ratio is 33.33% sales, it is … % in cost.
Correct
Incorrect
Question 19 of 25
19. Question
1 points
Category: Fundamentals of Accounting & Auditing
From the following details estimate the capital as on 1-1-2015.
Capital as on 31-12-2015 2,40,000,
Drawing 20,000,
profit during the year 25,000.
Correct
Incorrect
Question 20 of 25
20. Question
1 points
Category: Fundamentals of Accounting & Auditing
If sales are 40,000; Cost of goods sold is 31,000 and operating expenses are 6,000, the gross profit is-
Correct
Incorrect
Question 21 of 25
21. Question
1 points
Category: Fundamentals of Accounting & Auditing
1,250 paid for the residential telephone bill of the proprietor which of these accounts will be debited-
Correct
Incorrect
Question 22 of 25
22. Question
1 points
Category: Fundamentals of Accounting & Auditing
If sales is 2,00,000 and the rate of gross profit on cost of goods sold is 25%, then the cost of goods sold will be-
Correct
Incorrect
Question 23 of 25
23. Question
1 points
Category: Fundamentals of Accounting & Auditing
Opening stock-40,000, Purchases-2,60,000, Closing stock-20,000, Cost of goods sold=?
Correct
Incorrect
Question 24 of 25
24. Question
1 points
Category: Fundamentals of Accounting & Auditing
Opening stock-40,000, Purchases-2,60,000, Closing stock-20,000, Direct expenses-50,000, Indirect expenses-35,000. Cost of goods sold=?
Correct
Incorrect
Question 25 of 25
25. Question
1 points
Category: Fundamentals of Accounting & Auditing
Opening stock-7,00,000, Purchase-12,16,000, Wages-1,50,000, Goods distributed as free sample-12,000, Sales-20,00,000, Gross profit earned-25% of cost. Find out value of closing stock.
Correct
Incorrect
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