Description : In cash transactions, goods or services are purchased for a certain value to be paid in the future.
Last Answer : State whether the following statement are true or false with reason : In cash transactions, goods or ... a certain value to be paid in the future.
Description : In barter transactions, goods or services are purchased for other goods or services.
Last Answer : State whether the following statement are true or false with reason : In barter transactions, ... services are purchased for other goods or services.
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 : 20) Use Accounting Equation to show the effect of the following transactions of Ram Traders.a) Started business with cash ₹ 1,00,000.b) Bought goods for cash \( ₹ 20,000 \).c) Cash sales ₹ \( 60,000 . \)
Last Answer : 20) Use Accounting Equation to show the effect of the following transactions of Ram Traders. a) Started ... 000 . c) Cash sales ₹ 60,000 .
Description : A sales invoice is a source document that a. provides support for goods purchased for resale. b. provides evidence of incurred operating expenses. c. provides evidence of credit sales. d. serves only as a customer receipt.
Last Answer : c. provides evidence of credit sales.
Description : (i) System in which entry is recorded for cash as well as credit transactions.
Last Answer : Give the word term or phrase which can substitute each of the following statement : (i) ... of goods or services for immediate cash payment.
Description : What does ECS in banking transactions stand for? (1) Excess Credit Supervisor (2) Extra Cash Status (3) Exchange Clearing Standard (4) Electronic Clearing Service
Last Answer : (4) Electronic Clearing Service Explanation: Electronic Clearing Service is a mode of electronic funds transfer from one bank account to another bank account using the services of a Clearing ... tax, etc or for loan installments of financial institutions/banks or regular investments of persons.
Description : In Electronic cash payment a. a debit card payment system is used b. a customer buys several electronic coins which are digitally signed by coin issuing bank c. a credit card payment system is used d. RSA cryptography is used in the transactions
Last Answer : b. a customer buys several electronic coins which are digitally signed by coin issuing bank
Description : What does ECS in banking transactions stand for ? (1) Excess Credit Supervisor (2) Extra Cash Status (3) Exchange Clearing Standard (4) lectronic Clearing Service
Last Answer : lectronic Clearing Service
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.
Description : What is the Gross National Product? a) The total value of Good and services manufactured in the country b) The total value of all the transactions in the country c) Reduction in the total value ... d) The total worth of goods and services generated in the country and net factor income from abroad.
Last Answer : Answer- d
Description : What do you mean by Gross National Product? a) The total value of goods and services produced in the country b) The total value of all transactions in the country c) Depreciation in the total ... d) The total value of goods and services produced in the country and net factor income from abroad
Description : Flynn Company purchased merchandise inventory with an invoice price of $5,000 and credit terms of 2/10, n/30. What is the net cost of the goods if Flynn Company pays within the discount period? a. $5,000 b. $4,900 c. $4,500 d. $4,600
Last Answer : b. $4,900
Description : Goods purchased on credit-----------inflow of funds a) Does not result b) Does result c) Change d) None of these
Last Answer : a) Does not result
Description : The tax which is levied on goods or services produced or purchased.
Last Answer : Ans. Indirect tax
Description : What are Capital goods? a) Goods used for consumption in the production process b) Goods such as tools, machinery, etc which are used to create final consumer goods c) Goods and services that are consumed fully when purchased by the consumers d) None of the above
Last Answer : : b) Goods such as tools, machinery, etc which are used to create final consumer goods
Description : What are consumption goods? a) Goods used for consumption in the production process b) Goods such as tools, machinery, etc which are used to create final consumption goods c) Goods and services that are consumed fully when purchased by the consumers d) None of the above
Last Answer : : c) Goods and services that are consumed fully when purchased by the consumers
Description : B) CaixaBank Explanation: As per the agreement, they will expand banks guarantee transaction businesses by jointly providing credit to Indian-Spanish joint ventures and Indian local ... finance and export credit agency finance, infrastructure finance and networking services, among others.
Last Answer : Recently an Indian bank launched next generation features on its app „iMobile‟ which will enable customers to instantly pay taxes and book railway tickets within the app. Name the bank. A) Federal Bank B) Punjab National Bank C) Kotak Mahindra Bank D) ICICI Bank E) Bandhan Bank
Description : In a perpetual inventory system, the Cost of Goods Sold account is used a. only when a cash sale of merchandise occurs. b. only when a credit sale of merchandise occurs. c. only when a sale of merchandise occurs. d. whenever there is a sale of merchandise or a return of merchandise sold.
Last Answer : b. only when a credit sale of merchandise occurs.
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 : Credit sale of goods recorded in cash book receipts side.
Last Answer : Correct the following sentences and rewrite them same : (i) Credit sale of goods recorded in ... The dividend received is a loss for the business
Description : Sales revenues are usually considered earned when a. cash is received from credit sales. b. an order is received. c. goods have been transferred from the seller to the buyer. d. adjusting entries are made.
Last Answer : d. adjusting entries are made.
Description : Discounts received are A) Deducted by us when we pay our accounts B) Deducted when we receive cash C) Given by us when we sell goods on credit D) None of these
Last Answer : Answer: A
Description : In cash transaction, goods or services are exchanged for __________
Last Answer : In cash transaction, goods or services are exchanged for __________ (a) other goods (b) other services (c) immediate cash (d) grains
Description : Which of the following is not a key activity of an operations manager? a. Understanding Understanding the needs of customer customer b. Continually learning Continually learning c. Managing cash ... d. Exploiting Exploiting technology to technology to produce goods produce goods and ser and services
Last Answer : c. Managing cash flows
Description : Cash payment suppliers of goods and services are shown under-------------. a) Operating b) Financing c) Investing
Last Answer : a) Operating
Description : A cash-and-carry wholesaler would be expected to 1. provide transportation 2. handle high turnover products 3. provide credit 4. carry a wide variety of products 5. provide a wide range of services
Last Answer : handle high turnover products
Description : A cash -and -carry wholesaler would be expected to A)provide transportation. B)handle high turnover products. C)provide credit. D)carry a wide variety of products. E)provide a wide range of services.
Last Answer : B)handle high turnover products
Description : The Secure Electronic Transaction protocol is used for a. credit card payment b. cheque payment c. electronic cash payments d. payment of small amounts for internet services
Last Answer : a. credit card payment
Description : The Aadhaar-Enabled Payment Systems(AEPS) is a bank led model that facilitates banking facilities by allowing transactions at Point of Sale through the Business Correspondent (BC) using the Aadhaar ... . Cash Withdrawal C. Online Payment D. Cash Deposit E. Aadhaar to Aadhaar funds transfer
Last Answer : C. Online Payment Explanation: Services Offered by AEPS: Balance Enquiry Cash Withdrawal Cash Deposit Aadhaar to Aadhaar Fund Transfer Gateway Authentication Services
Description : Most of the independent auditor's work in formulating an opinion on financial statements consists of a. Studying and evaluating internal control b. Obtaining and examining evidential matter c. Examining cash transactions d. Comparing recorded accountability with assets
Last Answer : Obtaining and examining evidential matter
Description : Which of the following statements is not correct? A. For the purpose of Funds Flow Statement, the term 'fund ' generally refers to net working capital B. Funds flow is a wider concept than ... business D. The capitalisation of reserves by the issue of bonus shares also involves flow of funds
Last Answer : D. The capitalisation of reserves by the issue of bonus shares also involves flow of funds
Description : Barter transactions means - (1) Goods are exchanged with gold. (2) Coins are exchanged for goods. (3) Money acts as a medium of exchange. (4) Goods are exchanged with goods.
Last Answer : (4) Goods are exchanged with goods. Explanation: Barter is a system of exchange where goods or services are directly exchanged for other goods or services without using a medium of exchange, ... crisis, such as when the currency may be either unstable or simply unavailable for conducting commerce,
Description : In case on sale of approval the ownership is transferred to the buyer when he a) adopts the transactions b)accept the goods c) fail to return goods d)in all the above cases
Last Answer : c) fail to return goods
Description : Advantages of B2C commerce to customers are (i)wide variety of goods can be accessed and comparative prices can be found (ii) shopping can be done at any time (iii)privacy of transactions can be guaranteed (iv) ... be guaranteed a. i and ii b. ii and iii c. iii and iv d. i and iv
Last Answer : a. i and ii
Description : By Electronic Commerce we mean: a. Commerce of electronic goods b. Commerce which depends on electronics c. Commerce which is based on the use of internet d. Commerce which is based on transactions using computers connected by telecommunication network
Last Answer : d. Commerce which is based on transactions using computers connected by telecommunication network
Description : Barter transactions means (1) Goods are exchanged with gold. (2) Coins are exchanged for goods. (3) Money acts as a medium of exchange. (4) Goods are exchanged with goods.
Last Answer : Goods are exchanged with goods.
Description : In NetBill's protocol for small payments for internet services (i) Key to decrypt information is sent to customer by NetBill only when there is enough amount in debit account (ii) The vendor supplies the key to NetBill server when he ... i, ii b. i, ii, iii c. i, ii, iii, iv d. i, ii, iv
Last Answer : b. i, ii, iii
Description : I have a set of silverware that my grandmother purchased through Betty Crocker with points from products and cash. Does Betty Crocker still offer that program?
Last Answer : Oneida and Betty Crocker have not operated the COupon Catalog since the end of 2006, However you can still get replacement pieces from Replacements.com.
Description : X Ltd. purchased a car from Maruti Udyog Ltd. for Rs. 5,00,000. As per agreement Rs. 80,000 was to be paid in cash and the balance by issue of shares of Rs. 10 each at a premium of Rs. 5 per share. How many ... . for the car ? (A) 30,000 shares (B) 29,000 shares (C) 28,500 shares (D) 28,000 shares
Last Answer : Answer: 28,000 shares
Description : A current asset is a. the last asset purchased by a business. b. an asset which is currently being used to produce a product or service. c. usually found as a separate classification in the income statement. d. an asset that a company expects to convert to cash or use up within one year.
Last Answer : d. an asset that a company expects to convert to cash or use up within one year.
Description : 1 Purchased goods from M/s. Jalna Traders, Delhi for ₹ 10,000 at 10% T.D.
Last Answer : Prepare Purchase Book and Sales Book, M/s. S.K. Traders dealer in ready-made garments, Mumbai. 2019 April ... CGST @ 9%, SGST @ 9% and IGST @ 18%.
Description : Advertising appropriations are largest for which type of product 1. industrial products 2. convenience goods 3. high-priced products 4. specialty goods 5. infrequently purchased goods
Last Answer : convenience goods
Description : Items that are purchased routinely, do not become part of the final physical product, and are treated like expense items rather than capital goods are called 1. raw materials 2. major equipment 3. accessory equipment 4. component part 5. process materials
Last Answer : accessory equipment
Description : Cost of goods available for sale is computed by adding a. freight-in to net purchases. b. beginning inventory to net purchases. c. beginning inventory to purchases and freight-in. d. beginning inventory to cost of goods purchased.
Last Answer : d. beginning inventory to cost of goods purchased.
Description : When a periodic inventory system is used, cost of goods sold is calculated as follows: a. Ending inventory plus purchases less beginning inventory. b. Beginning inventory plus purchases less ... of merchandise purchased less ending inventory. d. Cost of merchandise sold plus beginning inventory.
Last Answer : b. Beginning inventory plus purchases less ending inventory
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.
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
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.