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Recording of Transactions - II Test 17

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Recording of Transactions - II Test 17
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Weekly Quiz Competition
  • Question 1
    1 / -0
    A statement from A that he intents to sell his car is ____________.
  • Question 2
    1 / -0
    Opening stock Rs.30,000, purchase Rs. 1,00,000, sales Rs. 150,000, gross profit 20% of total sales, find closing stock
  • Question 3
    1 / -0
    The amount which the main cashier hands over to the petty cashier to meet day to day petty expenses is known as.....
    Solution
    The amount which the main cashier hands over to the petty cashier to meet day to day petty expenses is known as imprest /float.
  • Question 4
    1 / -0
    The excess of selling price over cost of goods sold is termed as _____________.
    Solution
    Gross profit is the amount of total revenue minus cost of goods sold. It is the amount of profit before all interest and tax payments. It is also known as gross margin. Gross profit does not include indirect incomes and expenses.
    Formula:
    Gross profit= Sales (-) Cost of goods sold
    Therefore, C is the correct answer.
  • Question 5
    1 / -0
    Adjusted selling price method of inventory valuation is also known as __________.
  • Question 6
    1 / -0
    Adjusted purchases means ____________.
  • Question 7
    1 / -0
    A Credit Purchase of Rs.$$15,000$$ has wrongly been posted to the debit side of sales return a/c. The trial balance would.....
  • Question 8
    1 / -0
    Cash in hand with the petty cashier is shown as....
    Solution
    Cash in hand with the petty cashier is an asset for the business.
  • Question 9
    1 / -0
    ABC Ltd. sends good worth Rs.$$100,000$$ to PQR on sale on approval basis on $$1st March 09$$. Out of these goods worth Rs.$$30,000$$ were rejected by PQR and in respect of goods worth Rs.$$25,000$$ customer is yet to exercise his option to accept or reject the goods. How much should be accounted for as sales during the financial year ending on $$31st March 09.$$
  • Question 10
    1 / -0
    H offered to sell 100 tons of Oil to K. This, offer is not valid as
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