Description : Interest on Drawing is credited to ___________ Account.
Last Answer : Interest on Drawing is credited to ___________ Account. (a) Trading (b) Profit & Loss Account (c) Capital (d) All
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 : Discount earned is transferred to credit side of ___________ account.
Last Answer : Discount earned is transferred to credit side of ___________ account. (a) Current A/c (b) Profit & Loss Account (c) Trading (d) Capital
Description : Which account will be debited when goods are sold to Ram on credit?
Last Answer : Which account will be debited when goods are sold to Ram on credit?
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 : When goods are returned that relate to a prior cash sale, a. the Sales Returns and Allowances account should not be used. b. the cash account will be credited. c. Sales Returns and Allowances will be credited. d. Accounts Receivable will be credited.
Last Answer : b. the cash account will be credited.
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 : Final disposal of undelivered postal articles a) Letters and postcards shall be destroyed b) Money or saleable property, not being of a perishable nature, found in any undelivered postal article, shall be ... property, be sold, the sale-proceeds being credited to the Post Office. e) All the above
Last Answer : e) All the above
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 : 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 : 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 : 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 : 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 : 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 : (i) On purchase of goods or assets output, GST A/c is credited.
Last Answer : Do you agree or disagree with the following statements : (i) On purchase of goods or assets output, GST ... Ltd should be debited to TATA Ltd's 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
Description : All items of indirect income are shown on the credit side of the _________ Account.
Last Answer : All items of indirect income are shown on the credit side of the _________ Account. (a) Balance Sheet ... (c) Manufacturing (d) None of them
Description : If the trial balance shows a short credit the suspense account will have a _______ balance.
Last Answer : If the trial balance shows a short credit the suspense account will have a _______ balance. (a) debit (b) zero (c) credit (d) nil
Description : When the total of debit side of an account exceeds credit side, it is called __________ balance.
Last Answer : When the total of debit side of an account exceeds credit side, it is called __________ balance. (a) Debit (b) Credit (c) Nil (d) Real
Description : Excess of debit total of an account over it’s credit total indicates _____________ balance.
Last Answer : Excess of debit total of an account over it’s credit total indicates _____________ balance. (a) Negative (b) Positive (c) Debit (d) Credit
Description : Mark the correct option a) Not more than one indent for the same office should be submitted in a month b) Superintendents prepare indents for the articles required for themselves and for their inspectors. c ... the number and date of the authority for the recovery of the same e) All the above
Description : Which account is credited when Salary is paid by cheque?
Last Answer : Which account is credited when Salary is paid by cheque?
Description : Why was the full sale amount not credited to my PayPal account after selling an item on eBay?
Last Answer : There is a "seller's fee" charged on transactions.You as the seller get what is left after deducting this fee fromthe amount the buyer payed.
Description : XYZ Ltd. issued 10,000 shares of Rs. 100 each at Rs. 120 per share with Rs. 25 on application, Rs. 45 on allotment including premium, Rs. 20 on first call and Rs. 30 on final call. Govind who held 200 shares did not pay ... forfeiture ? (A) Rs. 14,000 (B) Rs. 10,000 (C) Rs. 9,000 (D) Rs. 4,000
Last Answer : Answer: Rs. 10,000
Description : R. G. Ltd. purchased machinery from K.G. Company for a book value of Rs. 4,00,000. The consideration was paid by issue of 10%. Debenture of Rs. 100 each at a discount of 20%. The debenture account will be credited by– (A) Rs. 4,00,000 (B) Rs. 5,00,000 (C) Rs. 3,20,000 (D) Rs. 4,80,000
Last Answer : Answer: Rs. 4,00,000
Description : In case of failed ATM transactions, if the amount is not credited to customer‟s account within 7 working days from the date of receipt of the complaint. Banks have to pay compensation at the rate of Rs.________ per day. A. 150 B. 200 C. 100 D. 10 E. 50
Last Answer : C. 100 Explanation: Reconciliation of failed transactions at ATMs – For any failure to re-credit the customer‘s account within 7 working days from the date of receipt of the complaint, the bank will pay compensation of Rs.100/-, per day, to the aggrieved customer.
Description : Which of the following percentage of foreign exchange earnings can be credited to the EEFC account? A. 80% B. 90% C. 75% D. 95% E. 100%
Last Answer : E. 100% Explanation: under EEFC account, a facility provided to the foreign exchange earners, including exporters, to credit 100 per cent of their foreign exchange earnings to the account. ... have to convert foreign exchange into Rupees and vice versa, thereby minimizing the transaction costs.
Description : In case the depositor not made any transaction in PPF account. a) Rs 50/- will be collected for the one financial year b) Rs 100/- will be collected for no transaction was made for two financial ... of cash and credited into UCR c) Condone default is called to the defaulted deposit d) All the above
Last Answer : d) All the above
Description : Redirection fee for redirecting parcels should be collected a) In cash and credited in to account as such b) In cash and credited under UCR head c) Should be collected in the form of undefaced postage stamps d) Should be affixed on the parcel in the form of postage stamps and defaced
Last Answer : c) Should be collected in the form of undefaced postage stamps
Description : The annual fee of business reply card should be realized in advance and credited to a) Postmaster Account b) UCP c) UCR d) None of these
Last Answer : c) UCR
Description : Payment related with Compensation for registered articles should be credited ---------- account head a. Bills Paid b. refund of article c. UCP
Last Answer : c. UCP
Description : Payment of account of international and commonwealth reply coupons has to be credited ---------------- account head a. UCP b. Bills Paid c. Payment of refund
Last Answer : a. UCP
Description : In preparing closing entries for a merchandising company, the Income Summary account will be credited for the balance of a. sales. b. merchandise inventory. c. sales discounts. d. freight-out.
Last Answer : b. merchandise inventory.
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 : Cash discount allowed to a debtor should be credited to a) Discount account b)Customer’s account c) Sales account d) Cash account
Last Answer : b)Customer’s account
Description : Rent paid to landlord should be credited to a) Landlords account b) Rent account c)Cash account d) Expense account
Last Answer : c)Cash account
Description : When shares issued at premium which of the following account is credited? A. Share premium account B. Share first call account C. Share allotment account D. Share forfeited account
Last Answer : A. Share premium 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
Description : ___________ defeated the Yadavas of Devgiri and the rule of Delhi Sultans began in south India.
Last Answer : Choose the correct reason and complete the sentence: ___________ defeated the Yadavas of Devgiri and the rule ... (c) Humayun (d) Alauddin Khalji
Description : After Chhatrapati Sambhaji Maharaj, ___________ took over the reins at Raigad.
Last Answer : Choose the correct reason and complete the sentence: After Chhatrapati Sambhaji Maharaj, ___________ ... Shahu Maharaj (d) Shiva Maharaj
Description : ___________ was the leader of the Rohillas.
Last Answer : Choose the correct reason and complete the sentence: ___________ was the leader of the Rohillas. (a) Najib ... (c) Adilshah (d) None of them
Description : ___________ is regarded as the visionary of Swarajya.
Last Answer : ___________ is regarded as the visionary of Swarajya. (a) Veermata Jeejabai (b) ... Shivaji Maharaj (d) Chhatrapati Sambhaji Maharaj
Description : ___________ defeated the Yadavas of Devgiri.
Last Answer : ___________ defeated the Yadavas of Devgiri. (a) Alauddin Khalji (b) Muhmmad Tughluq (c) Hasan Gangu Bahamani (d) Qutubuddin Aibak
Description : ___________ was a Sanskrit scholar.
Last Answer : ___________ was a Sanskrit scholar. (a) Dara Shukoh (b) Aurangzeb (c) Shah Shuja (d) Murad Baksh