A. | 1,2 and 3 |
B. | 2,3 and 4 |
C. | 1,3 and 4 |
D. | 1 and 4 |
Option: C Explanation : Click on Discuss to view users comments. |
A. | Selling price |
B. | Cost price |
C. |
Selling price or cost price whichever is higher
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D. |
Selling price or cost price whichever is lower
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Option: B Explanation : Click on Discuss to view users comments. |
A. | Cost Concept |
B. | Business Entity Concept |
C. | Money Measurement Concept |
D. | Matching Concept |
Option: B Explanation : Click on Discuss to view users comments. |
Which of the following statements is correct?
A. |
Cost of goods sold is calculated at the time of sale
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B. |
Adjustment entries are required because of accrual basis used for accounting
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C. |
Trial balance is a conclusive proof of accuracy of accounts
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D. |
Debit balance means that debit side total is less than credit side total.
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Option: B Explanation : Click on Discuss to view users comments. |
A. |
Double entry for certain transactions such as cash received from debtors
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B. |
Single entry in respect of some transactions such as purchase of fixed assets etc.
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C. |
No entry in respect of some transactions such as bad debts etc
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D. | All of the above |
Option: D Explanation : Click on Discuss to view users comments. |