Description : Under a perpetual inventory system, acquisition of merchandise is debited to the a. Merchandise Inventory account. b. Cost of Goods Sold account. c. Purchases account. d. Accounts Payable account.
Last Answer : a. Merchandise Inventory account.
Description : Under a perpetual inventory system, acquisition of merchandise for resale is debited to the a. Merchandise Inventory account. b. Purchases account. c. Supplies account. d. Cost of Goods Sold account.
Last Answer : d. Cost of Goods Sold account.
Description : When goods are sold for cash, the personal a/c of the buyer is debited.
Last Answer : State whether the following statement are ‘True or False’ with reason : When goods are sold for cash, the personal a/c of the buyer is debited.
Description : Which account is debited, when goods are destroyed by fire?
Last Answer : Which account is debited, when goods are destroyed by fire?
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 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 : Mr. X is a dealer in electronic goods (refrigerator, washing machine, air conditioners, televisions, etc.) He purchased two air conditioners and installed in his showroom. In the books of X the ... will be debited to A] Drawing account B] Capital Account C] Fixedassets D] Purchases account
Last Answer : C] Fixedassets
Description : What is the name of the card which can be used by the buyers during he time of purchase and in which the amount will be immediately debited from the buyers account? a. E-Distributor b. Debit Card c. Credit Card d. Power Card
Last Answer : b. Debit Card
Description : A Sales Returns and Allowances account is not debited if a customer a. returns defective merchandise. b. receives a credit for merchandise of inferior quality. c. utilizes a prompt payment incentive.
Last Answer : c. utilizes a prompt payment incentive.
Description : When goods are sold on credit ___________ account is credited.
Last Answer : When goods are sold on credit ___________ account is credited. (a) Buyer’s A/c (b) Cash A/c (c) Sales A/c (d) Seller’s A/c
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 : 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 : Inventory means ? 1. amount of goods sold 2. amount of goods lying unsold 3. manufacturing new products 4. amount of goods sold on credit 5. None of these
Last Answer : amount of goods lying unsold
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 : . A credit memorandum is prepared when a. an employee does a good job. b. goods are sold on credit. c. goods that were sold on credit are returned. d. customers refuse to pay their accounts.
Last Answer : c. goods that were sold on credit are returned.
Description : Wages paid for the installation of machinery wrongly debited to wages account is an error of ________
Last Answer : Wages paid for the installation of machinery wrongly debited to wages account is an error of ________ ... principle (c) commission (d) duplication
Description : If the purchase hook is undermasted, the purchase account is debited in rectification.
Last Answer : State whether the following statement are True or False with reason : If the purchase hook ... , the purchase account is debited in rectification.
Description : Wages paid for installation of machinery is debited to __________ account.
Last Answer : Wages paid for installation of machinery is debited to __________ account. (a) Profit and Loss (b) Trading (c) Wages (d) Machinery
Description : Carriage Inward is debited to ___________ Account.
Last Answer : Carriage Inward is debited to ___________ Account. (a) Trading A/c (b) Profit & Loss (c) Capital (d) Bank
Description : Which account will be debited when Mr. Shyam has paid cash to you?
Last Answer : Which account will be debited when Mr. Shyam has paid cash to you?
Description : The loss on the sale of old furniture is debited to– (A) profit & loss account (B) furniture account (C) trading account (D) depreciation account
Last Answer : Answer: profit & loss account
Description : In preparing closing entries a. each revenue account will be credited. b. each expense account will be credited. c. the retained earnings account will be debited if there is net income for the period. d. the dividends account will be debited.
Last Answer : b. each expense account will be credited.
Description : In order to close the dividends account, the a. income summary account should be debited. b. income summary account should be credited. c. retained earnings account should be credited. d. retained earnings account should be debited.
Last Answer : d. retained earnings account should be debited.
Description : In process costing, if an abnormal loss arises, the process account is generally (a) Debited with the scrap value of the abnormal loss units (b) Debited with the full production cost of the abnormal loss units (c) Credited with the scrap value of the abnormal loss units
Last Answer : (d) Credited with the full production cost of the abnormal loss units
Description : Sales made to Mahesh for cash should be debited to________________ a) Cash account b) Mahesh Account c) Sales account d) Purchase account
Last Answer : a) Cash account
Description : When purchasing company pays purchase consideration, it will be debited to (A)Business purchase account (B)Assets account (C) Liquidator of selling company’s account (D)None of the above
Last Answer : (C) Liquidator of selling company’s account
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
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 : 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.
Description : 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
Last Answer : Answer: A
Description : When a seller grants credit for returned goods, the account that is credited is a. Sales. b. Sales Returns and Allowances. c. Merchandise Inventory. d. Accounts Receivable.
Last Answer : d. Accounts Receivable.
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
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 : (i) Software expenses paid for the installation of the computer should be debited to Software A/c.
Last Answer : Do you agree or disagree with the following statement: (i) Software expenses paid for the ... . (v) Return Inwards means purchase return.
Description : The profit on sale of an asset is debited to _________ A/c.
Last Answer : The profit on sale of an asset is debited to _________ A/c. (a) Profit and Loss (b) Reserve (c) Asset (d) Balance sheet
Description : Bank charges debited by Bank increase bank balance as per Pass Book.
Last Answer : State whether the following statement are True or False with reason : Bank charges debited by Bank increase bank balance as per Pass Book.
Description : When cheque is ________ into bank Cash Book is debited.
Last Answer : When cheque is ________ into bank Cash Book is debited. (a) written (b) issued (c) deposited (d) dishonoured
Description : (i) Purchase of Assets should be debited to purchase A/c.
Last Answer : Do you agree or disagree with the following statements : (i) Purchase of Assets should be debited ... NEFT, RTGS Transaction Cash A/c is affected.
Description : If the goodwill raised at the time of retirement of a partner is to be written-off, then the capital accounts of the remaining partners are debited in– (A) New profit sharing ratio (B) Capital ratio (C) Old profit sharing ratio (D) Sacrificing ratio
Last Answer : Answer: Old profit sharing ratio
Description : 2. The underwriting commission is payable in cash .
Last Answer : FALSE
Description : When the underwriting commission becomes payable , the underwriter A/c is debited
Description : When liquidation expenses is paid and borne by seller company then it is debited to_____ (A) Bank A/c (B) Goodwill A/c (C) Realisation A/c (D) Capital Reserve A/c.
Last Answer : (C) Realisation A/c
Description : When the Net Assets are less than the Purchase Consideration, the difference will be (A) Debited to Goodwill A/c (B) Debited to General Reserve (C) None of these
Last Answer : (A) Debited to Goodwill A/c
Description : When the Net Assets are less than the Purchase Consideration, the difference will be (A) Debited to Goodwill A/c (B) Debited to General Reserve (C) None of these (D) Debited to Capital Reserve
Last Answer : While calculating purchase consideration ............... values of assets is to be considered. (A) Book value (B) Revalued price (C) Average price (D) Capital
Description : If wages are paid for construction of business premises ______ A/c is credited and _____ A/c is debited. a) Wages, Cash b) Premises, Cash c) Cash, Wages d) Cash, Premises
Last Answer : d) Cash, Premises
Description : Provision for Income Tax is _____ A. Debited to P & L Appropriation A/c B. Debited to Profit and Loss A/c C. Debited to Treading A/c D. Credited to P & L Appropriation a/c
Last Answer : B. Debited to Profit and Loss A/c
Description : When liquidation expenses is paid and borne by seller company then it is debited to _______ (A) Bank A/c (B) Goodwill A/c (C) Realisation A/c (D) Capital Reserve A/c.
Description : If it is required to maintain fixed capitals then the partners’ shares of profits must be A) Credited to capital accounts B) Debited to capital accounts C) Debited to partners’ current accounts D) Credited to partners’ current accounts
Last Answer : Answer: D
Description : What sells most online?
Last Answer : Electronics.
Description : A place where the goods and services are bought and sold.
Last Answer : A place where the goods and services are bought and sold.