Net sales equals, sales minus:
(A) Return outwords
(B) Return inwards
(C) cost of goods sold
(D) carriage on sales
_________is the cost of converting raw material into finished products?
(A) Prime cost
(B) Explicit cost
(C) Job order cost
(D) Conversion cost
The Balance Sheet gives information regarding the____________?
(A) Results of operations for a particular period
(B) Financial position during a particular period
(C) Profit earning capacity for a particular period
(D) Financial position as on a particular date
Which of the following statements is false ? select the false from below options
(A) Balance Sheet discloses financial position of the business
(B) A person who owes to the business is called Debtor
(C) Decrease in the value of the asset could decrease the value of a liability
(D) Assets are to be shown in the Balance Sheet at the realizable value
Tax deducted at source appears in the Balance Sheet
(A) On the assets side under current assets
(B) On the assets side under loans and advances
(C) On the liabilities side under current liabilities
(D) On the liabilities side under provisions
Which of the following are/is a current asset?
(A) Sundry Debtors
(B) Stock
(C) Prepaid insurance
(D) All of
Which of the following are/is not a fixed asset?
(A) Stock
(B) Vehicle
(C) Fixed deposit in bank
(D) Both
If unexpired insurance appears in the Trial Balance, it should be:
(A) Credited to the Profit & Loss Account
(B) Debited to the Profit & Loss Account
(C) Shown on the liabilities side of the Balance Sheet
(D) Shown on the assets side of the Balance Sheet
Which of the following is not a financial statement?
(A) Profit and Loss Account
(B) Balance Sheet
(C) Funds Flow Statement
(D) Trial Balance
Which of the following will not appear in Profit and Loss Account of a business?
(A) Drawings
(B) Bad debts
(C) Accrued expenses
(D) Reserve for discount on Sundry Creditors