Financial Accounting

The originator of Double Entry System

• Lucas Pacioli

• Marshall

• Pikles

• Batliboi

According to the concept of conservation, the stock-in-trade is valued at:

• Cost Price

• Market Price

• Cost or Market which ever is higher

• Cost or Market which ever is lower

Establishment expenses of a new machine will be debited in ............. account

• Expenses

• Machine

• Profit & Loss

• None of the above

On sales of Rs. 1500 to A at 5% trade discount, the sales account will be -

• Debited by Rs. 1425

• Credited by Rs. 1425

• Credited by Rs. 1500

• Debited by Rs. 1575

Which account of the following will be credited on giving of goods in donation-

• Sales A/c

• Purchases A/c

• Donation A/c

• Cash A/c

Outstanding rent account is personal account

• Yes

• No

Object to keep fixed assets is

• Long-term use

• Resale

• Liquidity

• All of the above

The loss on sale of furniture is debited to ........... account

• Profit and loss

• Furniture

• Depriciation

• Trading

If Outstanding salary is given in trail balance with the date of commencement of financial year, it is shown in ........

• Trading A/c

• Profit & Loss A/c

• Assets

• Liabilities

If opening stock is Rs. 50,000, purchase is Rs. 4,20,000 and closing stock is Rs. 30,000, then what is the cost of goods sold-

• Rs. 4,40,000

• Rs. 4,70,000

• Rs. 4,00,000

• Rs. 5,00,000