Final accounts – Test 1

__________ is a deduction from the list or catalogue price allowed by the wholesalers to the retailers for various reasons.

Which of these items will appear in a Manufacturing A/c?

Which of the following type of discount is not considered in accounts?

If outside liabilities and owners equity are added we get-

________ is a secret reserve usually created to provide for the loss by way of fluctuation in the value of investment

Which of these are allowed to create secret reserves in their books of account?

An increase in one liability may lead to-

Choose the true statement.

Choose the true statement.

Which of this A/c appearing in trial balance is NOT transferred to income statement?

A Customer returning the goods purchased on credit, may inform the seller by sending-

The document listing the latest balances of all Real and Personal A/c in the ledger on a given date is known as-

To convert the accounts prepared on cash system of accounting into mercantile system of accounting, which of these adjustments is not necessary

If gross profit ratio is 25% on cost, it is … % on sales.

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=?

If gross profit ratio is 25% sales, it is… % on cost.

If gross profit ratio is 50% on cost, it is … % on sales.

If gross profit ratio is 33.33% sales, it is … % in cost.

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.

If sales are 40,000; Cost of goods sold is 31,000 and operating expenses are 6,000, the gross profit is-

1,250 paid for the residential telephone bill of the proprietor which of these accounts will be debited-

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-

Opening stock-40,000, Purchases-2,60,000, Closing stock-20,000, Cost of goods sold=?

Opening stock-40,000, Purchases-2,60,000, Closing stock-20,000, Direct expenses-50,000, Indirect expenses-35,000. Cost of goods sold=?

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.