91. The goods that have been sold to the customers are treated as _____ in the financial statements.
(A) inventories
(B) expenses
(C) income
(D) debt
92. The goods that have not been sold to the customers till the end of the reporting period are considered as
(A) inventories
(B) expenses
(C) sales
(D) purchases
93. The selling price of some goods is $1500 and cost to sell the goods is $200. What is the Net Realizable Value (NRV)?
(A) $1000
(B) $1200
(C) $1300
(D) $1500
94. The selling price of some under-process goods is $1500, cost to finally produce the goods is $300, and cost to sell the goods is $200. What is the Net Realizable Value (NRV)?
(A) $1000
(B) $1200
(C) $1300
(D) $1500
95. A bank overdraft is shown as a/an _____ balance in the bank statement.
(A) debit
(B) credit
(C) credit – debit
(D) none of these
96. Which from the following is included in the cost of purchases?
(A) Abnormal loss
(B) Freight in
(C) Rent of store
(D) Administrative Salaries
97. Cheques issued but not presented, cause the bank statement balance to be ________ the cash book balance.
(A) greater than
(B) less than
(C) equal to
(D) the two statements are irrelevant
(A) $40,000
(B) $60,000
(C) $100,000
(D) $140,000
(A) Cash book
(B) Petty cash book
(C) General journal
(D) Day books
100. The withdrawal of inventory by the owner for personal use should appear in the trading account as a deduction from
(A) sales
(B) purchases
(C) overdrafts
(D) none of these