Suppliers personal a/c are seen in the A) Sales Ledger B) Nominal ledger C) Purchases Ledger D) General Ledger

Suppliers personal a/c are seen in the A) Sales Ledger B) Nominal ledger C) Purchases Ledger D) General Ledger
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Answer: C
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Which of the following is wrong? (a) All real and personal accounts are transferred to balance sheet (b) Nominal accounts are transferred to P &L account (c) Each account is opened separately in ledger (d) Rent is a personal account, outstanding rent is nominal account

Description : Which of the following is wrong? (a) All real and personal accounts are transferred to balance sheet (b) Nominal accounts are transferred to P &L account (c) Each account is opened separately in ledger (d) Rent is a personal account, outstanding rent is nominal account

Last Answer : d) Rent is a personal account, outstanding rent is nominal accoun

A purchase manager of a company has to purchase 500 tones of raw material. Apart from the other suppliers in the market, his son also supplies that raw material. The manager purchases the raw material from the firm of his son at a rate higher than the market rate. Which principle of management has been violated in this situation? a. Unity of Command b. Unity of Directions c. Subordination personal interest to general interest d. Equity

Description : A purchase manager of a company has to purchase 500 tones of raw material. Apart from the other suppliers in the market, his son also supplies that raw material. The manager purchases the ... Unity of Command b. Unity of Directions c. Subordination personal interest to general interest d. Equity

Last Answer : c. Subordination personal interest to general interest

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

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

Last Answer : Answer: B

Value of goods withdrawn by the proprietor for his personal use should be credited to ____ a) Capital A/c b) Sales A/c c) Drawings A/c d) Purchases A/c

Description : Value of goods withdrawn by the proprietor for his personal use should be credited to ____ a) Capital A/c b) Sales A/c c) Drawings A/c d) Purchases A/c

Last Answer : d) Purchases A/c

Goods withdrawn by the proprietor for his personal use are A. Shown as a deduction from the purchases B. Shown as a deduction from the sales C. Treated as sales at cost price D. Added to the purchases

Description : Goods withdrawn by the proprietor for his personal use are A. Shown as a deduction from the purchases B. Shown as a deduction from the sales C. Treated as sales at cost price D. Added to the purchases

Last Answer : A. Shown as a deduction from the purchases

Sales Ledger Administration is available in the following factoring services_____ a. Without Recourse factoring b. With recourse factoring c. Invoice discounting

Description : Sales Ledger Administration is available in the following factoring services_____ a. Without Recourse factoring b. With recourse factoring c. Invoice discounting

Last Answer : c. Invoice discounting

The risk of fraudulent financial reporting increases in the presence of a. Substantial increases in sales. b. Incentive systems based on operating income. c. Improved control systems. d. Frequent changes in suppliers.

Description : The risk of fraudulent financial reporting increases in the presence of a. Substantial increases in sales. b. Incentive systems based on operating income. c. Improved control systems. d. Frequent changes in suppliers.

Last Answer : Incentive systems based on operating income.

During her first call on Becker Industries, Rhonda is told by the senior purchasing agent that this firm, like most industrial buyers, has two major complaints with its suppliers. If Rhonda's firm is to get and keep Becker's business, it must pay particular attention to product quality and: A)low prices. B)stable prices. C)packaging problems. D)sales support. E)on -time delivery.

Description : During her first call on Becker Industries, Rhonda is told by the senior purchasing agent that this firm, like most industrial buyers, has two major complaints with its suppliers. If Rhonda's firm is to ... A)low prices. B)stable prices. C)packaging problems. D)sales support. E)on-time delivery.

Last Answer : E)on-time delivery.

How do I compute sales tax for purchases made from another state?

Description : How do I compute sales tax for purchases made from another state?

Last Answer : answer:You might not need to charge any tax. The old rule was to tax only if the business had a store in the state being shipped to. The tax charged would be the ship to state's tax. So for ... books for the business and inform you what to keep track of, how to pay any required quarterly taxes, etc.

A multistage sales tax with credit for taxes paid on business purchases.

Description : A multistage sales tax with credit for taxes paid on business purchases.

Last Answer : Ans. VAT

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 one of the following represents the figure of gross profit for the year ? (A) Rs. 15,750 (B) Rs. 14,000 (C) Rs. 12,500 (D) Rs. 17,250

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

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

West Company has the following account balances: Purchases $48,000 Sales Returns and Allowances 6,400 Purchase Discounts 4,000 Freight-in 3,000 Delivery Expense 4,000 The cost of goods purchased for the period is a. $52,000. b. $47,000. c. $51,000. d. $44,600.

Description : West Company has the following account balances: Purchases $48,000 Sales Returns and Allowances 6,400 Purchase Discounts 4,000 Freight-in 3,000 Delivery Expense 4,000 The cost of goods purchased for the period is a. $52,000. b. $47,000. c. $51,000. d. $44,600.

Last Answer : . $47,000.

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

If one of the cars purchased by a car dealer is used for business purpose, instead of resale, then it should be recorded by_____ a) Dr Drawing A/c & Cr Purchases A/c b) Dr Office Expenses A/c & Cr Motor Car A/c c) Dr Motor Car A/c & Cr Purchases A/c d) Dr Motor Car & Cr Sales A/c

Description : If one of the cars purchased by a car dealer is used for business purpose, instead of resale, then it should be recorded by_____ a) Dr Drawing A/c & Cr Purchases A/c b) Dr Office Expenses A/c & Cr Motor Car A/c c) Dr Motor Car A/c & Cr Purchases A/c d) Dr Motor Car & Cr Sales A/c

Last Answer : c) Dr Motor Car A/c & Cr Purchases A/c

Which of the following is NOT considered to be an objective associated with the use of sales promotions? A. Change buyer attitudes B. Increase volume of individual purchases C. Prompt buyers into trial purchase D. Product improvement

Description : Which of the following is NOT considered to be an objective associated with the use of sales promotions? A. Change buyer attitudes B. Increase volume of individual purchases C. Prompt buyers into trial purchase D. Product improvement

Last Answer : A. Change buyer attitudes

The sales forecasting method that consists of making a product available to buyers in one or more locations and measuring purchases is A)a market test. B)the regression analysis. C)trend analysis. D)a survey. E)the Delphi technique.

Description : The sales forecasting method that consists of making a product available to buyers in one or more locations and measuring purchases is A)a market test. B)the regression analysis. C)trend analysis. D)a survey. E)the Delphi technique.

Last Answer : A)a market test.

If an intermediary wants to carry Tide detergent and Procter & Gamble agrees only if the supplier purchases P&G's entire line of detergents as well, the company is engaging in which of the following channel management practices? A)Exclusive dealing B)Dual distribution C)Tying agreement D)Refusal to deal E)Restricted sales territories

Description : If an intermediary wants to carry Tide detergent and Procter & Gamble agrees only if the supplier purchases P&G's entire line of detergents as well, the company is engaging in which of the ... A)Exclusive dealing B)Dual distribution C)Tying agreement D)Refusal to deal E)Restricted sales territories

Last Answer : C)Tying agreement

Suppose marketers at Renault need to determine the effects of an increase in the advertising budget on sales of the Clio. In setting up an experiment, the independent variable would be: A)sales B)price C)advertising expense D)production cost E)wholesale purchases

Description : Suppose marketers at Renault need to determine the effects of an increase in the advertising budget on sales of the Clio. In setting up an experiment, the independent variable would be: A)sales B)price C)advertising expense D)production cost E)wholesale purchases

Last Answer : C)advertising expense

Marketers at Premier Brands want to determine the effects of a price increase on sales of Gourmet Dinners. In setting up an experiment, the dependent variable would be: A)production costs B)price C)advertising costs D)sales E)wholesale purchases

Description : Marketers at Premier Brands want to determine the effects of a price increase on sales of Gourmet Dinners. In setting up an experiment, the dependent variable would be: A)production costs B)price C)advertising costs D)sales E)wholesale purchases

Last Answer : D)sales

Baxters purchases information regarding soup sales from a firm that tracks the information for a fee, it is using: A)syndicated data services B)primary data generation C)field experiments D)laboratory experiments

Description : Baxters purchases information regarding soup sales from a firm that tracks the information for a fee, it is using: A)syndicated data services B)primary data generation C)field experiments D)laboratory experiments

Last Answer : A)syndicated data services

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

Sales invoices are first entered in A) The Cash Book B) The Purchases Journal C) The Sales Journal D) The Sales Account

Description : Sales invoices are first entered in A) The Cash Book B) The Purchases Journal C) The Sales Journal D) The Sales Account

Last Answer : Answer: C

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

Mithun went to a shop and bought things worth Rs. 75, out of which 90 Paise went on sales tax on taxable purchases. If the tax rate was 18%, then what was the cost of the tax free items? a) 12.5 b) 69.80 c) 19.7 d) 34.5 e) 69.1

Description : Mithun went to a shop and bought things worth Rs. 75, out of which 90 Paise went on sales tax on taxable purchases. If the tax rate was 18%, then what was the cost of the tax free items? a) 12.5 b) 69.80 c) 19.7 d) 34.5 e) 69.1

Last Answer : Answer: E  Total cost of the items he purchased = Rs.75  Given that out of this Rs.75, 90 Paise is given as tax  => Total tax incurred = 90 Paise  = Rs.90/100  Let the cost of the tax free items = x  Given that tax rate = ... −0.9 −x) = 90  ⇒ (75 − 0.9 − x) = 5  x = 75 − 0.9 - 5  X=69.1 

The rule debit all expenses and losses and credit all income and gains relates to A] Personal account B] Real account C] Nominal accounts D] All

Description : The rule debit all expenses and losses and credit all income and gains relates to A] Personal account B] Real account C] Nominal accounts D] All

Last Answer : C] Nominal accounts

The principle ―Debit the receiver and credit the giver‖ is related to_____ a) Personal a/c b) Real a/c c) Nominal a/c d) None

Description : The principle ―Debit the receiver and credit the giver‖ is related to_____ a) Personal a/c b) Real a/c c) Nominal a/c d) None

Last Answer : a) Personal a/c

Cash A/c is a ________ A/c. a) Personal b) Real c) Nominal d) None

Description : Cash A/c is a ________ A/c. a) Personal b) Real c) Nominal d) None

Last Answer : b) Real

Capital A/c is a _______ A/c. a) Personal b) Real c) Nominal d) None

Description : Capital A/c is a _______ A/c. a) Personal b) Real c) Nominal d) None

Last Answer : a) Personal

Cash a/c is a ______ a) Real a/c b) Nominal c) Personal d) None

Description : Cash a/c is a ______ a) Real a/c b) Nominal c) Personal d) None

Last Answer : a) Real a/c

Debit the receiver & credit the giver is _____ account a) Personal b) Real c) Nominal d) All the above

Description : Debit the receiver & credit the giver is _____ account a) Personal b) Real c) Nominal d) All the above

Last Answer : a) Personal

Share Call Account is _______________ A. Real A/c B. Personal A/c C. Nominal A/c D. Fictitious A/c

Description : Share Call Account is _______________ A. Real A/c B. Personal A/c C. Nominal A/c D. Fictitious A/c

Last Answer : B. Personal A/c

Share Allotment Account is _______________ A. Real A/c B. Personal A/c C. Nominal A/c D. Fictitious A/c

Description : Share Allotment Account is _______________ A. Real A/c B. Personal A/c C. Nominal A/c D. Fictitious A/c

Last Answer : B. Personal A/c

Share application Account is _______________ A. Real A/c B. Personal A/c C. Nominal A/c D. Fictitious A/c

Description : Share application Account is _______________ A. Real A/c B. Personal A/c C. Nominal A/c D. Fictitious A/c

Last Answer : B. Personal A/c

Share allotment account is a ------------------. A. personal account B. Real account C. Nominal account D. Impersonal accounShare allotment account is a ------------------. A. personal account B. Real account C. Nominal account D. Impersonal accoun

Description : Share allotment account is a ------------------. A. personal account B. Real account C. Nominal account D. Impersonal accoun

Last Answer : A. personal account

Peachtree, inputting income through general journal and having it show up on the general ledger?

Description : Peachtree, inputting income through general journal and having it show up on the general ledger?

Last Answer : I don't know much about this program. I would almost guess that the opposite problem would happen with journal entries, where they would show up in the GL and not on an Income Statement. Are you ... a few years since I did any proper accounting and I hope something I've mentioned here might help.

HOW MANY SEGMENTS ARE THERE IN THE KEY FLEXFIELD(S) IN ORACLE GENERAL LEDGER?

Description : HOW MANY SEGMENTS ARE THERE IN THE KEY FLEXFIELD(S) IN ORACLE GENERAL LEDGER?

Last Answer : - Oracle GL Key flexfield can have 15 columns each representing a segment. However, the segments type can be:  Cost Center segment  Balancing segment  Account segment  Intercompany segment

After the adjusting entries are journalized and posted to the accounts in the general ledger, the balance of each account should agree with the balance shown on the a. adjusted trial balance. b. post-closing trial balance. c. the general journal. d. adjustments columns of the worksheet.

Description : After the adjusting entries are journalized and posted to the accounts in the general ledger, the balance of each account should agree with the balance shown on the a. adjusted trial balance. b. post-closing trial balance. c. the general journal. d. adjustments columns of the worksheet.

Last Answer : a. adjusted trial balance.

When a petty cash book is kept there will be A) No entries made at all in the general ledger for items paid by petty cash B) The same number of entries in the general ledger C) Fewer entries made in the general ledger D) More entries made in the general ledger

Description : When a petty cash book is kept there will be A) No entries made at all in the general ledger for items paid by petty cash B) The same number of entries in the general ledger C) Fewer entries made in the general ledger D) More entries made in the general ledger 

Last Answer : Answer: C

What's the difference between Ledger Balance and Current Balance on a bank's web site?

Description : What's the difference between Ledger Balance and Current Balance on a bank's web site?

Last Answer : answer:Most likely it is for charges that have been issued but not cleared. For example Amazon does a few things when you order from them. There is a initial We call dibs on $200 from this ... only really takes your money after the item ships. That is when it should go from Ledger to Current.

Heath Ledger was found dead. Which celebrity is next?

Description : Heath Ledger was found dead. Which celebrity is next?

Last Answer : answer:We’ve already had our 3 in a row—Brad Renfro, Suzanne Pleshette, and now Heath Ledger. So celebrities can breathe easy. Although my next-to-die vote is Pamela Anderson.

Who had a better performance then Heath Ledger this year?

Description : Who had a better performance then Heath Ledger this year?

Last Answer : let’s not get our heads in the clouds yet… The year isn’t over…

Can Heath Ledger get an Oscar now he's passed away?

Description : Can Heath Ledger get an Oscar now he's passed away?

Last Answer : Yes.

what It is the sol-fa syllable of the note placed on the ledger line below the staff?

Description : what It is the sol-fa syllable of the note placed on the ledger line below the staff?

Last Answer : sorry guys if i put a wrong sentence dont read the what just read the beggining in it

A list of balances of all the accounts in ledger is called __________ 

Description : A list of balances of all the accounts in ledger is called __________ 

Last Answer : A list of balances of all the accounts in ledger is called __________ (a) Balance Sheet (b) Profit and ... c (c) Trading A/c (d) Trial Balance

(i) An error in which the transaction is entered in the original book but not posted into the ledger.

Description : (i) An error in which the transaction is entered in the original book but not posted into the ledger.

Last Answer : Give one word/term or phrase for each of the following statements : (i) An error ... Errors can be rectified without passing rectification entries.

(i) __________ book is an extract of customer’s account in the ledger of bank.

Description : (i) __________ book is an extract of customer’s account in the ledger of bank.

Last Answer : Complete the following sentences: (i) __________ book is an extract of customer's account in ... to suppliers are recorded is known as _______

Complete the following table : Ledger Journal

Description : Complete the following table : Ledger Journal

Last Answer : Complete the following table : Ledger Trial Balance Journal ?

Ledger posting is made before journal entry.

Description : Ledger posting is made before journal entry.

Last Answer : State whether the following statement are ‘True or False’ with reason : Ledger posting is made before journal entry.