181. Carriage on goods purchased is shown in:___________?
A. Profit and Loss A/c
B. Capitalized with work in progress
C. Trading A/c
D. Shown in Balance Sheet

182. Which of these is not an operating income?
A. Income from sale of trading goods
B. Bad debts recovered
C. Interest on FDs
D. None

183. Riaz holds an average inventory of 36,000(CP) with an inventory turnover of 5 times. If the firm makes a gross profit of 25% on sales, find the total sales of the company.
A. 2,40,000
B. 2,10,000
C. 2,00,000
D. 1,80,000

184. From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission @ 11% after charging such commission.
A. 6441
B. 5431
C. 7654
D. 9876

185. From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission 11% before charging such commission
A. 6441
B. 5431
C. 7150
D. 5876

186. Arrangement of Balance Sheet in a logical order is known as __________?
A. Dressing Balance Sheet
B. Marshalling Balance Sheet
C. Formatting Balance Sheet
D. Make up of Balance Sheet

187. Find the value of opening stock from the following data. Purchases 1,50,000, Closing stock 30,000 Sales 2,20,000, Gross profit 40,000.
A. 50,000
B. 55,000
C. 60,000
D. 65,000

188. A Bill of Exchange is drawn on 1st April, 2018 payable after 3 months. The due date of the bill is?
A. 30th June,2018
B. 1st July,2018
C. 4th July,2018
D. 4th August,2018

189. When bill discounted with the bank is dishonored?
A. Acceptor‘s Account is debited in the books of drawer
B. Bills Receivable Account is credited in the books of drawer
C. Bank Account is debited in the books of drawer
D. Bills Payable Account is debited in the books of drawer

190. In the books of the drawer, the accounting treatment involved on receipt of a bill of exchange duly accepted by the drawee is?
i. Debit Bills Receivable Account
ii. Debit Drawee‘s Account
iii. Credit Drawee‘s Account
iv. Credit Sales Account

A. Only (i) above
B. Both (ii) and (iv) above
C. Both (i) and (iii) above
D. Both (i) and (iv) above

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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