Accounting - Study Mode
[#701] If sales are Rs. 14,900, Gross Profit Rs. 3,300, Net Loss Rs. 500. The operating expenses will be:
Correct Answer
(B) Rs. 3,800
[#702] The most precise test of liquidity is
Correct Answer
(C) Absolute liquid ratio
[#703] Assertion (A): In preparing final accounts, if closing stock is given in the trial balance, it is shown only in the Balance Sheet. Reason (R): Any item appearing in the trial balance is treated only at one place i.e. either in the trading and profit & loss a/c or in the balance sheet. Now, select the correct answer:
Correct Answer
(A) Both (A) and (R) are true and (R) is the correct explanation of (A)
[#704] In piecemeal distribution of cash on dissolution of a firm, cash is distributed to partners in the-
Correct Answer
(B) Profit Sharing Ratio
[#705] Revaluation method of depreciation is generally used in the case of:
Correct Answer
(D) Loose Tools