Accounting - Study Mode
[#1276] A firms has inventory turnover of 3 and cost of goods sold is Rs. 2,70,000. With better inventory management, the inventory turnover is increased to 5. This would result in
Correct Answer
(B) Decrease in inventory by Rs. 36,000
[#1277] Opening Stock Rs. 15,000 Purchases Rs. 40,000 Cost of goods sold Rs. 52,000 Sales Rs. 57,000 Gross profit on gross loss is?
Correct Answer
(B) Rs. 5,000
[#1278] What is the prescribed order of writing the following provisions in the Balance Sheet of companies as required by the Indian Companies Act, 1956, Part I, Schedule VI: 1. Provision for contingencies 2. Proposed dividends 3. Provision for taxation 4. Provision for Provident Fund scheme Select your answer:
Correct Answer
(B) 3, 2, 1, 4
[#1279] IFRS-2 applies to share-based payment transactions in which an entity . . . . . . . . goods or services.
Correct Answer
(D) Both A and B
[#1280] Which of the following is correct? 1. Unrealised dividend is an asset to the company 2. Dividend declared between two annual general meeting is called interim dividend 3. A company can distribute both interim and final dividend in the same financial year Choose the correct answer:
Correct Answer
(A) 2 and 3