221. Short term Assets expected to be converted into cash within 1 year or less than?
A. Current Assets
B. Fixed Assets
C. Current Assets& current liabilities
D. All of the above

222. Cost of goods sold excludes___________?
A. Opening Stock
B. Carriage inward
C. Wages & Salary
D. Postage & Stamps

223. Tax deducted at source A/c appears in___________?
A. Assets side
B. Liability side
C. Profit & Loss A/c
D. Debited to Capital A/c

224. Investment in own share A/c appears in____________?
A. Asset side
B. Liability side
C. Netted from Capital
D. Profit & Loss A/c

225. Payments received in advance from a customer for a contract can be__________?
A. Shown as a deduction from contract work-in-progress on asset side
B. Shown as a liability
C. Credited to P&L A/c
D. Either A. or B. above

226. If a company has contingent liabilities, they appear in the__________?
A. Balance Sheet
B. Directors‘ report
C. Notes on account to Balance Sheet
D. Chairman‘s report

227. Recent developments have made much of a company‘s inventory obsolete. This obsolete inventory should be?
A. Written down to zero or its scrap value
B. Shown in the Balance Sheet at its replacement cost
C. Shown in the Balance Sheet at cost, but classified as a non-current asset
D. Carried in the accounting records at cost until it is sold

228. Which of the following is not classified as inventory in the financial statements?
A. Finished goods
B. Work-in-process
C. Stores and spares
D. Advance payments made to suppliers for raw materials

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

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