In barter transactions, goods or services are purchased for other goods or services.

In barter transactions, goods or services are purchased for other goods or services.
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State whether the following statement are true or false with reason : In barter transactions, ... services are purchased for other goods or services.
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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.

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,

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.

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.

In cash transactions, goods or services are purchased for a certain value to be paid in the future.

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.

In credit transactions, goods or services are purchased for cash only

Description : In credit transactions, goods or services are purchased for cash only

Last Answer : State whether the following statement are true or false with reason : In credit transactions, goods or services are purchased for cash only

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 of goods and services produced in the country d) The total worth of goods and services generated in the country and net factor income from abroad.

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

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 value of goods and services produced in the country d) The total value of goods and services produced in the country and net factor income from abroad

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

Last Answer : Answer- d

(i) In barter transaction goods are exchange for ____________

Description : (i) In barter transaction goods are exchange for ____________

Last Answer : Complete the following sentence : (i) In barter transaction goods are exchange for ____________ ( ... more than his assets is known as ___________

People barter and trade goods. Economic decisions are based on customs. Economies are usually rural and farm-based. Which economic system is described by the list A. mixed B. market C. traditional D. command?

Description : People barter and trade goods. Economic decisions are based on customs. Economies are usually rural and farm-based. Which economic system is described by the list A. mixed B. market C. traditional D. command?

Last Answer : c

A Free Trade Zone is an area 1. where goods are traded free of cost 2. where goods are traded through barter 3. where there are no customs duties 4. where government controls production and distribution 5. None of these

Description : A Free Trade Zone is an area 1. where goods are traded free of cost 2. where goods are traded through barter 3. where there are no customs duties 4. where government controls production and distribution 5. None of these

Last Answer : where there are no customs duties

Exchange of goods against goods is called (a) Charter (b) Barter © Hunter (d) None of them.

Description : Exchange of goods against goods is called (a) Charter (b) Barter © Hunter (d) None of them.

Last Answer : (b) Barter

The tax which is levied on goods or services produced or purchased.

Description : The tax which is levied on goods or services produced or purchased.

Last Answer : Ans. Indirect tax

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

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

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

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

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 outlets only 3. all transactions in which purchases are for production of other goods only 4. all marketing activities necessary to expedite exchanges to ultimate consumers 5. none of these

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

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 outlets only. C)all transactions in which purchases are for production of other goods only. D)all marketing activities necessary to expedite exchanges to ultimate consumers.

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

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 ₹ \( 60,000 . \)

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 .

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

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

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.

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

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

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)security of transactions can be guaranteed a. i and ii b. ii and iii c. iii and iv d. i and iv

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  

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

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

Barter: if we all lived together in a flutherworld, minutes away from each other, what would you barter?

Description : Barter: if we all lived together in a flutherworld, minutes away from each other, what would you barter?

Last Answer : answer:I could teach beginners Spanish, bake some desserts, help your kids with math up through algebra, hook a rug, run some errands. What I need is a gardner, someone to cut back the bushes and trees in my ... once a month. Oh, and I need a handyman to do a little this and that around the house.

1 Purchased goods from M/s. Jalna Traders, Delhi for ₹ 10,000 at 10% T.D. 

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%.

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

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

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

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

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.

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.

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 ending inventory c. Cost of merchandise purchased less ending inventory. d. Cost of merchandise sold plus beginning inventory.

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

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.

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

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.

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.

Net purchases plus freight-in determines a. cost of goods sold. b. cost of goods available for sale. c. cost of goods purchased. d. total goods available for sale.

Description : Net purchases plus freight-in determines a. cost of goods sold. b. cost of goods available for sale. c. cost of goods purchased. d. total goods available for sale.

Last Answer : c. cost of goods purchased.

Cost of goods available for sale is computed by adding a. beginning inventory to net purchases. b. beginning inventory to the cost of goods purchased. c. net purchases and freight-in. d. purchases to beginning inventory

Description : Cost of goods available for sale is computed by adding a. beginning inventory to net purchases. b. beginning inventory to the cost of goods purchased. c. net purchases and freight-in. d. purchases to beginning inventory

Last Answer : b. beginning inventory to the cost of goods purchased.

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%.

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.

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.

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

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

The Merchandise Inventory account is used in each of the following except the entry to record a. goods purchased on account. b. the return of goods purchased. c. payment of freight on goods sold. d. payment within the discount period.

Description : The Merchandise Inventory account is used in each of the following except the entry to record a. goods purchased on account. b. the return of goods purchased. c. payment of freight on goods sold. d. payment within the discount period.

Last Answer : c. payment of freight on goods sold.

Which of the following cannot be treated as revenue expenditure? A. Cost of goods purchased for resale. B. Wages paid for the erection of plant and machinery. C. Obsolescence cost. D. Expenses incurred by way of repairs of existing assets which do not in any way add to their earning capacity.

Description : Which of the following cannot be treated as revenue expenditure? A. Cost of goods purchased for resale. B. Wages paid for the erection of plant and machinery. C. Obsolescence cost. D. Expenses incurred by way of repairs of existing assets which do not in any way add to their earning capacity.

Last Answer : B. Wages paid for the erection of plant and machinery.

Goods purchased on credit-----------inflow of funds a) Does not result b) Does result c) Change d) None of these

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

Advertising appropriations are largest for which type of product? A)Industrial products B)Convenience goods C)High -priced products D)Specialty goods E)Infrequently purchased goods

Description : Advertising appropriations are largest for which type of product? A)Industrial products B)Convenience goods C)High-priced products D)Specialty goods E)Infrequently purchased goods

Last Answer : B)Convenience goods

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 A)raw materials. B)major equipment. C)accessory equipment. D)component parts. E)process materials.

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 A)raw materials. B)major equipment. C)accessory equipment. D)component parts. E)process materials.

Last Answer : C)accessory equipment.

Which of the following is an example of an intermediate goods. (a) A Tata Indica sold by a dealer of second hand car ; (b) Steel and cement used to construct a flyover ; (c) Farming crop purchased by FCI (d) All the three

Description : Which of the following is an example of an intermediate goods. (a) A Tata Indica sold by a dealer of second hand car ; (b) Steel and cement used to construct a flyover ; (c) Farming crop purchased by FCI (d) All the three

Last Answer : (b) Steel and cement used to construct a flyover ;

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 enterprises The banks will collaborate in areas of mutual interest such as syndicated loan business, guarantee transactions, trade finance and export credit agency finance, infrastructure finance and networking services, among others.

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

The need for assurance services arises because: a. There is a potential bias in providing information. b. Economic transactions are less complex than they were a decade ago. c. There is a consonance of interests of the preparer and the user of the financial statements. d. Most users today have access to the system that generates the financial statements they use

Description : The need for assurance services arises because: a. There is a potential bias in providing information. b. Economic transactions are less complex than they were a decade ago. c. There is a consonance ... . d. Most users today have access to the system that generates the financial statements they use

Last Answer : There is a potential bias in providing information

Financial accounting is concerned with – a) Recording of business expenses and revenue b) Recording of costs of products and services c) Recording of day to day business transactions d) None of the above

Description : Financial accounting is concerned with – a) Recording of business expenses and revenue b) Recording of costs of products and services c) Recording of day to day business transactions d) None of the above

Last Answer : c) Recording of day to day business transactions

Who is Barter?

Description : Who is Barter?

Last Answer : Are you sure it’s not Barker? (As in Ma Barker of outlaw fame)

Could you Barter and survive?

Description : Could you Barter and survive?

Last Answer : answer:In the question you link to I show a certain dislike for big greedy corporations, but, im just as bad. yes I would survive well, and while i hate the system we have at the moment, i ... better or worse, well, i dont know, i dont really measure things that way. im leaning towards better.

Do you think that if the economy doesn't get back on its feet, we will resort back to a legal barter system at least partially?

Description : Do you think that if the economy doesn't get back on its feet, we will resort back to a legal barter system at least partially?

Last Answer : I have been bartering for years to some extent. You should see my pearly white veneers and the beautiful kitchen my dentist has! (Hubby is a contractor.)

What are the advantages and disadvantages of the barter system over the use of money?

Description : What are the advantages and disadvantages of the barter system over the use of money?

Last Answer : Tax avoidance