In order to find out the value of the closing stock during the end of the financial year we, A) do this by stocktaking B) deduct the cost of goods sold from sales C) deduct opening stock from the cost of goods sold D) look in the stock account

In order to find out the value of the closing stock during the end of the financial year we, A) do this by stocktaking B) deduct the cost of goods sold from sales C) deduct opening stock from the cost of goods sold D) look in the stock account
by

1 Answer

Answer :

Answer: A
by

Related questions

Which of the following statement is true? (a) Value added = total sales + closing stock of finished goods – opening stock of finished goods – total expenditure on raw material – intermediate goods (b) Value added = total sales + closing stock of finished goods and semi finished goods – total expenditure on raw material – intermediate goods (c) Value added = total sales + closing stock of finished goods and semi-finished goods-opening stock of finished goods and semi finished goods-total expenditure on raw material (d) Value added = total sales + closing stock of finished goods and semi finished goods – opening stock of finished goods and semi finished goods – total expenditure on raw material – intermediate goods.

Description : Which of the following statement is true? (a) Value added = total sales + closing stock of finished goods - opening stock of finished goods - total expenditure on raw material - intermediate ... stock of finished goods and semi finished goods - total expenditure on raw material - intermediate goods.

Last Answer : (d) Value added = total sales + closing stock of finished goods and semi finished goods – opening stock of finished goods and semi finished goods – total expenditure on raw material – intermediate goods.

Calculate cost of sales from the following: Net Works cost: Rs. 2,00,000 Office & Administration Overheads: Rs. 1,00,000 Opening stock of WIP: Rs. 10,000 Closing Stock of WIP: Rs. 20,000 Closing stock of finished goods: Rs. 30,000 There was no opening stock of finished goods. Selling overheads: Rs. 10,000 (a) Rs. 2,70,000 (b) Rs. 2,80,000 (c) Rs. 3,00,000 (d) Rs. 3,20,000

Description : Calculate cost of sales from the following: Net Works cost: Rs. 2,00,000 Office & Administration Overheads: Rs. 1,00,000 Opening stock of WIP: Rs. 10,000 Closing Stock of WIP: Rs. 20,000 Closing stock of finished goods: Rs. ... Rs. 2,70,000 (b) Rs. 2,80,000 (c) Rs. 3,00,000 (d) Rs. 3,20,000

Last Answer : (b) Rs. 2,80,000

Gross profit is A) Cost of goods sold + Opening stock B) Excess of sales over cost of goods sold C) Sales fewer Purchases D) Net profit fewer expenses of the period

Description : Gross profit is A) Cost of goods sold + Opening stock B) Excess of sales over cost of goods sold C) Sales fewer Purchases D) Net profit fewer expenses of the period

Last Answer : Answer: B

Calculate value of closing stock from the following: Opening stock of finished goods (500 units) : Rs. 2,000 Cost of production (10000 units) : Rs. 50,000Closing stock (1000 units):? (a) Rs. 4,000 (b) Rs. 4,500 (c) Rs. 5,000 (d) Rs. 6,000

Description : Calculate value of closing stock from the following: Opening stock of finished goods (500 units) : Rs. 2,000 Cost of production (10000 units) : Rs. 50,000Closing stock (1000 units):? (a) Rs. 4,000 (b) Rs. 4,500 (c) Rs. 5,000 (d) Rs. 6,000

Last Answer : (b) Rs. 4,500

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

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

6. Budgeted sales of X for March are 18000 units. At the end of the production process for X, 10% of production units are scrapped as defective. Opening inventories of X for March are budgeted to be 15000 units and closing inventories will be 11,400 units. All inventories of finished goods must have successfully passed the quality control check. The production budget for X for March, in units is:

Description : 6. Budgeted sales of X for March are 18000 units. At the end of the production process for X, 10% of  production units are scrapped as defective. Opening inventories of X for March are ... have successfully  passed the quality control check. The production budget for X for March, in units is:

Last Answer : (d) 16,000

For the financial year ended as on March 31, 2013 the figures extracted from the balance sheet of Xerox Limited as under: Opening Stock Rs. 29,000; Purchases Rs. 2,42,000; Sales Rs. 3,20,000; Gross Profit 25% of Sales. Stock Turnover Ratio will be :- (a) 8 times (b) 6 times (c) 9 times (d) 10 times

Description : For the financial year ended as on March 31, 2013 the figures extracted from the balance sheet of Xerox Limited as under: Opening Stock Rs. 29,000; Purchases Rs. 2,42,000; Sales Rs. 3,20,000; Gross Profit 25% of ... Stock Turnover Ratio will be :- (a) 8 times (b) 6 times (c) 9 times (d) 10 times

Last Answer : (a) 8 times

he journal entry to record a return of merchandise purchased on account under a perpetual inventory system would include a. Accounts Payable Sales Returns and Allowances b. Purchase Returns and Allowances Accounts Payable c. Accounts Payable Inventory d. Merchandise Inventory Cost of Goods Sold

Description : he journal entry to record a return of merchandise purchased on account under a perpetual inventory system would include a. Accounts Payable Sales Returns and Allowances b. Purchase Returns and ... Accounts Payable c. Accounts Payable Inventory d. Merchandise Inventory Cost of Goods Sold

Last Answer : d. Merchandise Inventory Cost of Goods Sold

Which of the following is an example of fraudulent financial reporting? a. The treasurer diverts customer payments to his personal due, concealing hisactions by debiting an expense account,thus overstating expenses. b. Company management changesinventory count tags and overstatesending inventory, while understatingcost of goods sold. c. An employee steals inventory and the“shrinkage” is recorded in cost of goodssold. d. An employee steals small tools from thecompany and neglects to return them;the cost is reported as a miscellaneousoperating expense

Description : Which of the following is an example of fraudulent financial reporting? a. The treasurer diverts customer payments to his personal due, concealing hisactions by debiting an expense account, thus ... the company and neglects to return them; the cost is reported as a miscellaneous operating expense

Last Answer : Company management changes inventory count tags and overstates ending inventory, while understating cost of goods sold

Calculate the value of closing stock from the following according to LIFO method: 1st January, 2014: Opening balance: 50 units @ Rs. 4 Receipts: 5th January, 2014: 100 units @ Rs. 5 12th January, 2014: 200 units @ Rs. 4.50 Issues: 2nd January, 2014: 30 units 18th January, 2014: 150 units (a) Rs. 765 (b) Rs. 805 (c) Rs. 786 (d) Rs. 700

Description : Calculate the value of closing stock from the following according to LIFO method: 1st January, 2014: Opening balance: 50 units @ Rs. 4 Receipts: 5th January, 2014: 100 units @ Rs. 5 12th January, 2014: 200 units @ Rs. 4.50 ... , 2014: 150 units (a) Rs. 765 (b) Rs. 805 (c) Rs. 786 (d) Rs. 700

Last Answer : (b) Rs. 805

Calculate the value of closing stock from the following according to FIFO method: 1st January, 2014: Opening balance: 50 units @ Rs. 4 Receipts: 5th January, 2014: 100 units @ Rs. 5 12th January, 2014: 200 units @ Rs. 4.50 Issues: 2nd January, 2014: 30 units 18th January, 2014: 150 units (a) Rs. 765 (b) Rs. 805 (c) Rs. 786 (d) Rs. 700

Description : Calculate the value of closing stock from the following according to FIFO method: 1st January, 2014: Opening balance: 50 units @ Rs. 4 Receipts: 5th January, 2014: 100 units @ Rs. 5 12th January, 2014: 200 units @ Rs. 4.50 ... , 2014: 150 units (a) Rs. 765 (b) Rs. 805 (c) Rs. 786 (d) Rs. 700

Last Answer : (a) Rs. 765

At the beginning of the year, Midtown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,600,000. If Midtown Athletic reported ending inventory of $600,000 and sales of $2,000,000, the company’s cost of goods sold and gross profit rate must be a. $1,000,000 and 50%. b. $1,400,000 and 30%. c. $1,000,000 and 30%.

Description : At the beginning of the year, Midtown Athletic had an inventory of $400,000. During the year, the company purchased goods costing $1,600,000. If Midtown Athletic reported ending inventory of $600,000 and sales of $2,000,000 ... a. $1,000,000 and 50%. b. $1,400,000 and 30%. c. $1,000,000 and 30%.

Last Answer : b. $1,400,000 and 30%.

If we take goods for own use we should A) Debit Drawings Account, Credit Purchases Account B) Debit Drawings Account: Credit Stock Account C) Debit Sales Account: Credit Stock Account D) Debit Purchases Account: Credit Drawings Account

Description : If we take goods for own use we should A) Debit Drawings Account, Credit Purchases Account B) Debit Drawings Account: Credit Stock Account C) Debit Sales Account: Credit Stock Account D) Debit Purchases Account: Credit Drawings Account

Last Answer : Answer: A

A physical count of inventory is taken at the end of an accounting period under a periodic system in order to a. verify the accuracy of the accounting records. b. determine cost of goods sold for the period. c. determine the amount of inventory purchased during the period. d. calculate property taxes.

Description : A physical count of inventory is taken at the end of an accounting period under a periodic system in order to a. verify the accuracy of the accounting records. b. determine cost of goods ... period. c. determine the amount of inventory purchased during the period. d. calculate property taxes.

Last Answer : b. determine cost of goods sold for the period.

A physical count of inventory is taken at the end of an accounting period under a perpetual system in order to a. verify the accuracy of the accounting records. b. determine cost of goods sold for the period. c. determine the amount of inventory purchased during the period. d. calculate property taxes.

Description : A physical count of inventory is taken at the end of an accounting period under a perpetual system in order to a. verify the accuracy of the accounting records. b. determine cost of ... period. c. determine the amount of inventory purchased during the period. d. calculate property taxes.

Last Answer : a. verify the accuracy of the accounting records.

Ingrid’s Fashions sold merchandise for $38,000 cash during the month of July. Returns that month totaled $800. If the company’s gross profit rate is 40%, Ingrid’s will report monthly net sales revenue and cost of goods sold of a. $38,000 and $22,800. b. $37,200 and $14,880. c. $37,200 and $22,320. d. $38,000 and $22,320.

Description : Ingrid's Fashions sold merchandise for $38,000 cash during the month of July. Returns that month totaled $800. If the company's gross profit rate is 40%, Ingrid's will report monthly net sales revenue and cost of goods ... b. $37,200 and $14,880. c. $37,200 and $22,320. d. $38,000 and $22,320.

Last Answer : c. $37,200 and $22,320.

Average stock of firm is Rs. 80,000, the opening stock is Rs. 10,000 less than closing stock. Find opening stock. (A) Rs. 95,000 (B) Rs. 85,000 (C) Rs. 90,000 (D) Rs. 75,000

Description : Average stock of firm is Rs. 80,000, the opening stock is Rs. 10,000 less than closing stock. Find opening stock. (A) Rs. 95,000 (B) Rs. 85,000 (C) Rs. 90,000 (D) Rs. 75,000

Last Answer : Answer: Rs. 75,000

In accounting terms, what constitutes the 'closing stock'? (1) Net Investment (2) Gross Investment-Capital Losses (3) Opening Stock-Capital Losses (4) Opening Stock + Net Investment - Capital Losses

Description : In accounting terms, what constitutes the 'closing stock'? (1) Net Investment (2) Gross Investment-Capital Losses (3) Opening Stock-Capital Losses (4) Opening Stock + Net Investment - Capital Losses

Last Answer : (4) Opening Stock + Net Investment - Capital Losses Explanation: Closing stock refers to the goods remaining un-sold during the year. It includes finished products, raw materials, or work in progress ... with the following calculation: Opening stock + Purchases - Closing stock = Cost of goods sold.

Explain Me What Is Opening Stock And Closing Stock?

Description : Explain Me What Is Opening Stock And Closing Stock?

Last Answer : At the beginning of a reporting period, or after a cycle count, the stock available in your inventory account is the Opening Stock. It is also called as Beginning Inventory. So, there's an Opening Stock. ... it is under debit. In trading Account, it is under credit. Because, it is still not traded.

In accounting terms, what constitutes the ‘closing stock’? (1) Net Investment (2) Gross Investment-Capital Losses (3) Opening Stock-Capital Losses (4) Opening Stock + Net Investment – Capital Losses

Description : In accounting terms, what constitutes the ‘closing stock’? (1) Net Investment (2) Gross Investment-Capital Losses (3) Opening Stock-Capital Losses (4) Opening Stock + Net Investment – Capital Losses

Last Answer : Opening Stock + Net Investment – Capital Losses

Cole Company has sales revenue of $39,000, cost of goods sold of $24,000 and operating expenses of $9,000 for the year ended December 31. Cole's gross profit is a. $30,000. b. $15,000. c. $6,000.

Description : Cole Company has sales revenue of $39,000, cost of goods sold of $24,000 and operating expenses of $9,000 for the year ended December 31. Cole's gross profit is a. $30,000. b. $15,000. c. $6,000.

Last Answer : b. $15,000.

A trader purchases goods for Rs. 2500000, of these 70% of goods were sold during the year. At the end of 31st December 2009, the market value of such goods were Rs. 500000. But the trader recorded in his books for Rs. 750000. Which of the following concept is violated. (a) Money measurement (b) Conservatism (c) Consistency (d) None of these

Description : A trader purchases goods for Rs. 2500000, of these 70% of goods were sold during the year. At the end of 31st December 2009, the market value of such goods were Rs. 500000. But the trader recorded in ... is violated. (a) Money measurement (b) Conservatism (c) Consistency (d) None of these

Last Answer : (b) Conservatism

Which accounting concept specifies thepractice of crediting closing stock to the trading account? a) Cost b) Realisation c) Going concern d)Matching

Description : Which accounting concept specifies thepractice of crediting closing stock to the trading account? a) Cost b) Realisation c) Going concern d)Matching

Last Answer : d)Matching

Closing entries are made a. in order to terminate the business as an operating entity. b. so that all assets, liabilities, and Stockholders' equity accounts will have zero balances when the next accounting period starts. c. in order to transfer net income (or loss) and dividends to the retained earnings account. d. so that financial statements can be prepared.

Description : Closing entries are made a. in order to terminate the business as an operating entity. b. so that all assets, liabilities, and Stockholders' equity accounts will have zero balances when the ... ) and dividends to the retained earnings account. d. so that financial statements can be prepared.

Last Answer : c. in order to transfer net income (or loss) and dividends to the retained earnings account. unt.

A merchant marked his goods at 16% above the cost price. He sold half of the stock at the marked price, one quarter at a discount of 16% on the marked price and the rest at a discount of 32% on the marked price. His total gain is,

Description : A merchant marked his goods at 16% above the cost price. He sold half of the stock at the marked price, one quarter at a discount of 16% on the marked price and the rest at a discount of 32% on the marked price. His total gain is, 

Last Answer : Let cost price whole stock = Rs.100 then marked price of whole stock=Rs.116 Marked price of half stock=Rs.58 marked price of onefourth stock=Rs.29 Total selling price=Rs[58+(84% of 29)+(68% of 29)] =Rs[58+24.36+19.72] =Rs.102.08 Hence gain %=(102.08-100)%=2.08%

A ltd is a manufacturing company that has no production resource limitations for the foreseeable future. The Managing Director has asked the company mangers to coordinate the preparation of their budgets for the next financial year. In what order should the following budgets be prepared? (1) Sales budget (2) Cash budget (3) Production budget (4) Purchase budget (5) Finished goods inventory budget (a) (2), (3), (4), (5), (1) (b) (1), (5), (3), (4), (2) (c) (1), (4), (5), (3), (2) (d) (4), (5), (3), (1), (2)

Description :  A ltd is a manufacturing company that has no production resource limitations for the foreseeable  future. The Managing Director has asked the company mangers to coordinate the preparation of their  budgets for the next financial year. In what order ... 5), (3), (2) (d) (4), (5), (3), (1), (2)

Last Answer : (b) (1), (5), (3), (4), (2)

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

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

In the Clark Company, sales were $480,000, sales returns and allowances were $30,000, and cost of goods sold was $288,000. The gross profit rate was a. 64%. b. 36%. c. 40%. d. 60%.

Description : In the Clark Company, sales were $480,000, sales returns and allowances were $30,000, and cost of goods sold was $288,000. The gross profit rate was a. 64%. b. 36%. c. 40%. d. 60%.

Last Answer : b. 36%.

Which of the following accounts is not closed to Income Summary? a. Cost of Goods Sold b. Merchandise Inventory c. Sales d. Sales Discounts

Description : Which of the following accounts is not closed to Income Summary? a. Cost of Goods Sold b. Merchandise Inventory c. Sales d. Sales Discounts

Last Answer : b. Merchandise Inventory

On October 4, 2008, Terry Corporation had credit sales transactions of $2,800 from merchandise having cost $1,900. The entries to record the day's credit transactions include a a. debit of $2,800 to Merchandise Inventory. b. credit of $2,800 to Sales. c. debit of $1,900 to Merchandise Inventory. d. credit of $1,900 to Cost of Goods Sold.

Description : On October 4, 2008, Terry Corporation had credit sales transactions of $2,800 from merchandise having cost $1,900. The entries to record the day's credit transactions include a a. debit of $2,800 to ... c. debit of $1,900 to Merchandise Inventory. d. credit of $1,900 to Cost of Goods Sold.

Last Answer : b. credit of $2,800 to Sales.

Gross profit is calculated by subtracting ________ from _________, a. operating expenses, net income b. sales discounts from sales revenue c. cost of goods sold, net sales revenue d. merchandise inventory, cost of goods sold

Description : Gross profit is calculated by subtracting ________ from _________, a. operating expenses, net income b. sales discounts from sales revenue c. cost of goods sold, net sales revenue d. merchandise inventory, cost of goods sold

Last Answer : c. cost of goods sold, net sales revenue

Which of the following accounts has a normal debit balance? a. Merchandise Inventory b. Sales Returns and Allowances c. Cost of goods sold d. Sales

Description : Which of the following accounts has a normal debit balance? a. Merchandise Inventory b. Sales Returns and Allowances c. Cost of goods sold d. Sales

Last Answer : d. Sales

If a company has sales of $420,000, net sales of $400,000, and cost of goods sold of $260,000, the gross profit rate is a. 67%. b. 65% c. 35%. d. 33%.

Description : If a company has sales of $420,000, net sales of $400,000, and cost of goods sold of $260,000, the gross profit rate is a. 67%. b. 65% c. 35%. d. 33%.

Last Answer : c. 35%.

Gross profit for a merchandiser is net sales minus a. operating expenses. b. cost of goods sold. c. sales discounts. d. cost of goods available for sale.

Description : Gross profit for a merchandiser is net sales minus a. operating expenses. b. cost of goods sold. c. sales discounts. d. cost of goods available for sale.

Last Answer : b. cost of goods sold.

The gross profit rate is computed by dividing gross profit by a. cost of goods sold. b. net income. c. net sales. d. sales.

Description : The gross profit rate is computed by dividing gross profit by a. cost of goods sold. b. net income. c. net sales. d. sales.

Last Answer : c. net sales.

A company shows the following balances: Sales $1,000,000 Sales Returns and Allowances 180,000 Sales Discounts 20,000 Cost of Goods Sold 560,000 What is the gross profit percentage? a. 56% b. 70% c. 44% d. 30%

Description : A company shows the following balances: Sales $1,000,000 Sales Returns and Allowances 180,000 Sales Discounts 20,000 Cost of Goods Sold 560,000 What is the gross profit percentage? a. 56% b. 70% c. 44% d. 30%

Last Answer : d. 30%

If a company has net sales of $500,000 and cost of goods sold of $350,000, the gross profit percentage is a. 70%. b. 30%. c. 15%. d. 100%.

Description : If a company has net sales of $500,000 and cost of goods sold of $350,000, the gross profit percentage is a. 70%. b. 30%. c. 15%. d. 100%.

Last Answer : b. 30%

Which one of the following is shown on a multiple-step but not on a single-step income statement? a. Net sales b. Net income c. Gross profit d. Cost of goods sold

Description : Which one of the following is shown on a multiple-step but not on a single-step income statement? a. Net sales b. Net income c. Gross profit d. Cost of goods sold

Last Answer : c. Gross profit

Indicate which one of the following would appear on the income statement of both a merchandising company and a service company. a. Gross profit b. Operating expenses c. Sales revenues d. Cost of goods sold

Description : Indicate which one of the following would appear on the income statement of both a merchandising company and a service company. a. Gross profit b. Operating expenses c. Sales revenues d. Cost of goods sold

Last Answer : b. Operating expenses

The sales revenue section of an income statement for a retailer would not include a. Sales discounts. b. Sales. c. Net sales. d. Cost of goods sold.

Description : The sales revenue section of an income statement for a retailer would not include a. Sales discounts. b. Sales. c. Net sales. d. Cost of goods sold.

Last Answer : c. Net sales.

A merchandising company using a perpetual system may record an adjusting entry by a. debiting Income Summary. b. crediting Income Summary. c. debiting Cost of Goods Sold. d. debiting Sales.

Description : A merchandising company using a perpetual system may record an adjusting entry by a. debiting Income Summary. b. crediting Income Summary. c. debiting Cost of Goods Sold. d. debiting Sales.

Last Answer : d. debiting Sales.

Which of the following expressions is incorrect? a. Gross profit – operating expenses = operating income b. Sales – cost of goods sold – operating expenses = operating income c. Operating income + operating expenses = gross profit d. Operating expenses – cost of goods sold = gross profit

Description : Which of the following expressions is incorrect? a. Gross profit – operating expenses = operating income b. Sales – cost of goods sold – operating expenses = operating income c. Operating income + operating expenses = gross profit d. Operating expenses – cost of goods sold = gross profit

Last Answer : d. Operating expenses – cost of goods sold = gross profit

Sales revenue less cost of goods sold is called a. gross profit. b. net profit. c. net income. d. marginal income.

Description : Sales revenue less cost of goods sold is called a. gross profit. b. net profit. c. net income. d. marginal income.

Last Answer : a. gross profit.

Two categories of expenses for merchandising companies are a. cost of goods sold and financing expenses. b. operating expenses and financing expenses. c. cost of goods sold and operating expenses. d. sales and cost of goods sold.

Description : Two categories of expenses for merchandising companies are a. cost of goods sold and financing expenses. b. operating expenses and financing expenses. c. cost of goods sold and operating expenses. d. sales and cost of goods sold.

Last Answer : c. cost of goods sold and operating expenses.

Sales –Gross Profit = ________ a) Cost of goods sold b) Net sales c) Gross Sales d) Liabilities

Description : Sales –Gross Profit = ________ a) Cost of goods sold b) Net sales c) Gross Sales d) Liabilities

Last Answer : a) Cost of goods sold

Operating ratio establishes the relationship between --------------- and net sales a) Cost of goods sold b) Cost of sales c) Cost of production d) Operating cost

Description : Operating ratio establishes the relationship between --------------- and net sales a) Cost of goods sold b) Cost of sales c) Cost of production d) Operating cost

Last Answer : d) Operating cost

Few items of P/L A/c of a company are– Sales – Rs.1,60,000 Closing stock – Rs.38,000 Non-operating Expenses – Rs.800 Non-operating Income – Rs.4,800 Net Profit – Rs.28,000 What is the Operating Profit Ratio ? (A) 18% (B) 20% (C) 15% (D) 57%

Description : Few items of P/L A/c of a company are– Sales – Rs.1,60,000 Closing stock – Rs.38,000 Non-operating Expenses – Rs.800 Non-operating Income – Rs.4,800 Net Profit – Rs.28,000 What is the Operating Profit Ratio ? (A) 18% (B) 20% (C) 15% (D) 57%

Last Answer : Answer: 15%

Mark the correct option relating to Senior citizen saving account a) Account opening form is Form A & for closing Form Eb) Pay in Slip Form Dc) Account transfer form is From Gd) All the above

Description : Mark the correct option relating to Senior citizen saving account a) Account opening form is Form A & for closing Form E b) Pay in Slip Form D c) Account transfer form is From G d) All the above

Last Answer : d) All the above

The credit terms offered to a customer by a business firm are 2/10, n/30, which means that a. the customer must pay the bill within 10 days. b. the customer can deduct a 2% discount if the bill is paid between the 10th and 30th day from the invoice date. c. the customer can deduct a 2% discount if the bill is paid within 10 days of the invoice date. d. two sales returns can be made within 10 days of the invoice date and no returns thereafter.

Description : The credit terms offered to a customer by a business firm are 2/10, n/30, which means that a. the customer must pay the bill within 10 days. b. the customer can deduct a 2% discount if the ... date. d. two sales returns can be made within 10 days of the invoice date and no returns thereafter.

Last Answer : c. the customer can deduct a 2% discount if the bill is paid within 10 days of the invoice date.

Closing stock is valued at A. Cost B. Market value C. Cost or market price whichever is lower D. None of the above

Description : Closing stock is valued at A. Cost B. Market value C. Cost or market price whichever is lower D. None of the above

Last Answer : C. Cost or market price whichever is lower