Accounting Miscellaneous
Which of the following would NOT be considered as a component of ‘cost’ of stock?
Transportation inward costs
Import duties
Salaries of selling staff
Purchase price
Salaries of selling staff
Salaries of selling staff would NOT be considered as a component of ‘cost’ of stock. When investors purchase shares of stock, the price paid includes two components: the price of the stock and the fee charged by the brokerage firm, called commission.
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The following is (are) the type(s) of JournalA. Purchase Journal
B. Sales Journal
C. Cash Journal
D. All of the above
Which of the following will be debited if a business purchases goods on credit?
A. Cash
B. Debtor
C. Creditor
D. Purchases
Information about an item is _______ if its ommission or misstatement might influence the financial decision of the users taken on the basis of that information
A. Concrete
B. Complete
C. Immaterial
D. Material
Favourable balance of cash book implies
A. Credit balance of cash book
B. Debit balance of cash book
C. Bank overdraft
D. Adjusted balance of cash book
How trial balance shows the accumulated depreciation?
A. as a debit item
B. as a credit item
C. It doesn’t show
D. None of these
Which of the following is a commonly used base to create the provision for doubtful debts?
A. Total purchases
B. Total credit sales
C. Total current assets
D. Total current liabilities
The real accounts are accounts of Assets, Liabilities and
A. Expenses
B. Revenues
C. Capital
D. Drawing
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