Accounting - Practice Test

(A) Purchases + opening stock - cost of goods sold = closing stock

(B) Opening stock + purchases - closing stock = cost of goods sold

(C) Closing stock - cost of goods sold - purchases = Opening stock

(D) Cost of goods sold + closing stock - purchases = Opening stock

(C) Closing stock - cost of goods sold - purchases = Opening stock

(A) i, ii and iii only

(B) ii, iii and iv only

(C) i, iii and iv only

(D) i, ii and iv only

(C) i, iii and iv only

(A) when purchase order is received from the purchaser

(B) when goods are delivered to the purchaser

(C) when the title of the goods has been transferred to the purchaser

(D) when cash is received from the purchaser

(C) when the title of the goods has been transferred to the purchaser

(A) Debenture Redemption fund A/c

(B) General reserve A/c

(C) Capital reserve A/c

(D) Any of the above A/c

(A) Debenture Redemption fund A/c

(A) All profit

(B) Only cash profit

(C) Only profit realized

(D) Profit realized and all possible losses

(D) Profit realized and all possible losses

Accounting - Study Mode