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Financial Statements and Analysis Test - 23

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Financial Statements and Analysis Test - 23
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  • Question 1
    1 / -0
    For the current year, the following data were taken from the accounting records.
    Sales                                                        850,000
    Sales Return and Allowances                     36,000
    Purchases                                                500,000
    Purchases Return and Allowances               8,000
    Discount received                                         4,000
    Freight-in                                                      2,000
    Beginning Inventory                                    30,000
    Ending inventory                                         90,000

    Find net sales.

  • Question 2
    1 / -0
    Financial statements are used by __
  • Question 3
    1 / -0
    A company just starting in business purchased three inventory items at the following prices: first purchase 80: second purchase 95: third purchase 85. If the company sold two units for a total of 200 and used LIFO costing, the gross profit for the period would be ___________.
  • Question 4
    1 / -0
    Reserve is a charge against which of these A/c 
  • Question 5
    1 / -0
    Income distribution of Industrial workers of a city follows normal distribution pattern with a mean wages of Rs. 600 pm, standard deviation of Rs. 50. 228 workers have monthly income more than Rs. 700 per month. Find the total number of industrial workers in the city........
  • Question 6
    1 / -0
    ABC Ltd. has the following account balances.
    Purchases                                             Rs. 20,000
    Sales Returns and Allowances                      4,000
    Discount on sales                                          2,500
    Freight-in                                                       1,875 
    Freight-in                                                       2,500  
    The cost of goods purchased for the period is _________.
  • Question 7
    1 / -0
    Select the correct statement.
    Solution
    General reserve is created out of divisible profits. This is the only true statement. General reserve is created to meet any future uncertainties, they are basically the retained earnings of the company.  
  • Question 8
    1 / -0
    X considered 1000 boxes of grapes costing Rs.200 per box to Y. X incurred Rs.4500 towards transportation and insurance. Y paid Rs. 4000 as godowns rent and Rs. 500 as sales man commission. During road transportation 50 boxes were stolen. Find the value of abnormal loss.
  • Question 9
    1 / -0
    Sinking fund A/c is created for which of these purposes
  • Question 10
    1 / -0
    Who of the following can be considered as an internal user of financial statement?
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