Which one of the following is not included in the internal check as regards purchases ? (A) Assessment of requirements (B) Placing orders (C) Despatch of goods (D) Recording and making payments  

1 Answer

Answer :

Answer: Despatch of goods

Related questions

Description : Which one of the following is called backbone of auditing ? (A) Routine checking (B) Vouching (C) Internal check (D) Internal control

Last Answer : Answer: Vouching

Description : If the purchases made during the year were Rs. 60,000, the balance of stock in trade at the beginning and at the end of the year were Rs. 12,000 and Rs. 9,000 respectively and the gross profit on sales was 1/5th, when which ... year ? (A) Rs. 15,750 (B) Rs. 14,000 (C) Rs. 12,500 (D) Rs. 17,250

Last Answer : Answer: Rs. 12,500

Description : When an incoming partner purchases his share from any one of the existing partners, then- (A) total assets of the firm do not change (B) total assets of the firm will be augmented to the extent ... ) change in total assets of the firm will depend upon the new profit sharing ratio of the partners

Last Answer : Answer: total assets of the firm do not change

Description : Principle of ‘Unity of Command’ means– (A) Unity of directions (B) To receive orders from one officer only (C) A fixed place for every person (D) Proper delegation to subordinates

Last Answer : Answer: To receive orders from one officer only

Description : If Opening Stock – Rs.15,000 Purchases – Rs.37,500 Direct Expenses – Rs.1,500 Closing Stock – Rs.7,500 Operating Expenses – Rs.3,000 Sales are Rs. 60,000 during the year, what is the net profit ? (A) Rs. 12,000 (B) Rs. 10,500 (C) Rs. 7,500 (D) Rs. 3,000

Last Answer : Answer: Rs. 10,500

Description : Which among the following is the societal obligation of accounting ? (A) To ascertain profit correctly (B) To maintain the records of the assets and liabilities of organisation (C) To establish effective organizational control (D) To be helpful in correct tax assessment

Last Answer : Answer: To be helpful in correct tax assessment

Description : Donations received for the special purpose will be taken to the– (A) Income and Expenditure Account (B) Assets side of the Balance Sheet (C) Liabilities side of the Balance Sheet (D) Receipts and Payments Account

Last Answer : Answer: Liabilities side of the Balance Sheet

Description : Receipts and Payments Account is an abbreviated form of– (A) Cash Book (B) Pass Book (C) Both Cash Book and Pass Book (D) None of the above

Last Answer : Answer: Cash Book

Description : Recording of capital contributed by the owner as liability ensures the adherence of principle of– (A) Consistency (B) Going concern (C) Separate entity (D) Materiality

Last Answer : Answer: Separate entity

Description : Income and expenses for the year 2012 are- Fee Received in Cash - Rs.24,000 Accrued Fee - Rs.6,000 Rent for Chamber Paid - Rs.6,000 Outstanding Rent - Rs.2,000 Salary Paid to Staff - Rs.6,000 Miscellaneous Expenses Paid - Rs. ... basis ? (A) Rs. 11,800 (B) Rs. 13,200 (C) Rs. 16,800 (D) Rs. 30,000

Last Answer : Answer: Rs. 13,200

Description : In the charter of the company while choosing a name which word should not be included?

Last Answer : Co-operative

Description : Does Dell offer special business deals for small business in regards to PC purchases?

Last Answer : Yes, Dell does offer special business deals for small businesses in regards to PC purchases. However, you would have to contact them before making your purchase so they are aware of it and can offer ... through phone, or online. If you are ordering online, shipping fees may be discounted or exempt.

Description : Goods worth Rs. 2,000 were distributed to employees free of charge. The account to be debited is– (A) Profit and Loss A/c (B) Advertisement A/c (C) Labour Welfare A/c (D) Goods A/c

Last Answer : Answer: Profit and Loss A/c

Description : The rate of gross profit is 20% on sales and the cost of goods sold is Rs. 1‚00‚000, the amount of gross profit will be– (A) Rs. 30‚000 (B) Rs. 25‚000 (C) Rs. 20‚000 (D) Rs. 16‚667

Last Answer : Answer: Rs. 25‚000

Description : Stock should include– (A) Goods held as security (B) Goods held as consignee (C) Goods with customers for approval on sale or return basis (D) Goods sold but not delivered

Last Answer : Answer: Goods held as consignee

Description : The goods taken by the proprietor from the shop is debited to– (A) Shop account (B) Goods account (C) Capital account (D) Drawings accounts

Last Answer : Answer: Drawings accounts

Description : Which one of the following transactions changes the current ratio ? (A) Purchase of goods for cash (B) Plant acquired on account (C) Sold goods on credit (D) Debentures converted into equity capital

Last Answer : Answer: Plant acquired on account

Description : The profit margin which a retailer of goods obtains form his supplier is called:

Last Answer : Trade discount

Description : The bailment of goods as security for payment of a debt is called:

Last Answer : Pledge

Description : Wholesaling is best defined as 1. all transactions in which products are bought for resale, for making other products, or for general business operations 2. all transactions made at retail ... 4. all marketing activities necessary to expedite exchanges to ultimate consumers 5. none of these

Last Answer : all transactions in which products are bought for resale, for making other products, or for general business operations

Description : Wholesaling is best defined as A)all transactions in which products are bought for resale, for making other products, or for general business operations. B)all transactions made at retail ... of other goods only. D)all marketing activities necessary to expedite exchanges to ultimate consumers.

Last Answer : A)all transactions in which products are bought for resale, for making other products, or for general business operations

Description : The ‘Principle of Exception’ states that management should– (A) Check everything without exception (B) Invariably take corrective action without exception (C) Accept exceptions in emergencies (D) Concentrate their attention on exceptions

Last Answer : Answer: Concentrate their attention on exceptions

Description : Which statement is not true in respect of a Balance Sheet ? (A) It is an account (B) It is prepared every month (C) It is prepared to check the mathematical accuracy (D) All the above

Last Answer : Answer: All the above

Description : Which of the following is called Backbone of auditing ? (A) Routine checking (B) Vouching (C) Internal checks (D) Internal control

Last Answer : Answer: Vouching

Description : Internal activity of a company is going to be performed according to established regulations. This assumption is provided as a right by– (A) Doctrine of Indoor Management (B) Doctrine of Constructive Notice (C) Doctrine of Ultravires (D) Doctrine of Intravires

Last Answer : Answer: Doctrine of Indoor Management

Description : Organisational change is necessitated by– (A) External environmental pressure (B) Internal strengths and weaknesses (C) Sequential changes (D) All the above

Last Answer : Answer: All the above

Description : Internal Audit is provided for in the– (A) Companies Act (B) Partnership Act (C) Both (A) and (B) (D) Neither (A) or (B)

Last Answer : Answer: Neither (A) or (B)

Description : Internal Auditor is appointed by the– (A) Management (B) Shareholders (C) Government (D) Statutory Auditor

Last Answer : Answer: Management

Description : Which one of the following statements is correct ? (A) Internal audit and Management audit are the same (B) Internal audit and statutory audit are the same (C) Internal audit is compulsory in all cases (D) Statutory audit of company accounts is compulsory

Last Answer : Answer: Statutory audit of company accounts is compulsory

Description : Which is a document containing a rules and regulations for the internal management of the company?

Last Answer : The article of association

Description : Was it a violation of power or an ethical issue with regards to the the Canadian political fiasco of Jody Wilson Raybould secretely recording a conversation with Clerk of the Privy Council Michael Wernick ?

Last Answer : They had this same question on CBC radio, the answer was yes and no under certain circumstances really looking forward to how this all plays out.

Description : Is it a bad idea to make two big purchases (monthly payments) at once?

Last Answer : Since the car is still running, why not do the apartment getting and settling in first and then see how you make out before buying a new car?

Description : Entered in the Purchases Journal are A) Discounts received B) Purchases invoices C) Payments to suppliers D) Trade discounts

Last Answer : Answer: B

Description : Which one of the following is the most appropriate task of office management ? (A) Creation of profit centre (B) Creation of control centre (C) Making office supplies available (D) Supervision of production Quality Control

Last Answer : Answer: Creation of control centre

Description : Which one of the following aims is achieved most through Office Record keeping ? (A) Efficiency of operations on shop floor (B) Business reputation (C) Storage of documents (D) Helping decision making

Last Answer : Answer: Storage of documents

Description : Fax is used for– (A) Sending telephonic message (B) Sending copies of documents (C) Exercising control (D) Decision making

Last Answer : Answer: Sending copies of documents

Description : The primary function of an office is– (A) Making, using and preserving records (B) Remunerating personnel (C) Carrying out management policies (D) Safeguarding organization’s assets

Last Answer : Answer: Making, using and preserving records

Description : The Branch of Accounting which is concerned with the processing and presenting data for decision making is known as– (A) Common Dollar Accounting (B) Social Accounting (C) Cost Accounting (D) Management Accounting

Last Answer : Answer: Management Accounting

Description : What are the requirements in placing an access ladder on a scaffold?

Last Answer : Provide access when scaffold platforms are more than 2 feet above or below a point of access When using ladders, bottom rung must not be more than 24 inches high. Ladder to be at the correct (i ... The ladders should be free from damage and should be colour coded. All access ladders must be tagged.

Description : The label on a soft drink reads "cool and refreshing". For what reason are these words used ? 1. To provide information 2. To encourage multiple purchases 3. To promote the product 4. To satisfy legal requirements 5. none of these

Last Answer : To promote the product

Description : The label on a soft drink can reads "cool and refreshing." For what reason are these words used? A)To provide information B)To encourage multiple purchases C)To promote the product D)To satisfy legal requirements

Last Answer : C)To promote the product

Description : What was Wood’s Despatch? What were its provisions? -History

Last Answer : The Court of Directors of the East India Company in London sent an educational despatch to the Governor- General in India in the year 1854. As the despatch was issued by Charles Wood, the ... ways of life because this would change their tastes and desires and create a demand for British goods.

Description : What measures were taken by the British after issuing of Wood’s Despatch? -History

Last Answer : Following measures were taken: Education departments of the government were set up to extend control over all matters regarding education. A system of universities education was introduced. Universities were ... . Attempts were also made to bring about changes within the system of school education.

Description : The minimum number of bags which a UBO will be authorised to keep will generally be equal to the number of bags required for despatch for the day plus: (A) 10% (B) 20% (C) 25% (D) 50%

Last Answer : (A) 10%

Description : Documentation in Form CN-23 accompanying international mail articles serves the purpose of: (A) Despatch Note (B) Customs declaration (C) Statement of charges (D) Report in respect of irregularities

Last Answer : (B) Customs declaration

Description : Drop shippers A)take title to but not physical possession of the goods. B)do not take title to or physical possession of the goods. C)take title to and physical possession of the goods. ... . E)are similar to truck wholesalers but provide the extra service of placing products on retailers' shelves.

Last Answer : A)take title to but not physical possession of the goods.

Description : Best books to check out for theories in regards to evolution?

Last Answer : Best book I have ever read on the subject of evolution and life in general is The Web of Life, by Fritjof Capra. I’ve read it cover to cover three times.

Description : For Last.fm users: How often do you check your friends' on Last.fm out as regards what they're listening to and new music?

Last Answer : I guess every few days at the most. I don’t never check a friend’s profile, but I don’t check it very often. Are you a last.fm stalker eponymoushipster?