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

98. The capital of a business is $100,000 and the liabilities are $40,000. What are the total assets?

(A) $40,000
(B) $60,000
(C) $100,000
(D) $140,000

99. Any transaction which cannot be recorded in any book of prime entry is recorded in

(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

NOTE
IF YOU THINK ANY OF THE MCQ ABOVE IS WRONG.
PLEASE COMMENT WITH CORRECT ANSWER AND ITS DETAIL EXPLANATION IN COMMENT BOX.
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