(A) debit
(B) credit
(C) credit – debit
(D) none of these
Category: Accounting Mcqs
What is the Net Realizable Value NRV?
The selling price of some under-process goods is $1500, cost to finally produce the goods is $300, and cost to sell the goods is $200. What is the Net Realizable Value NRV?
(A) $1000
(B) $1200
(C) $1300
(D) $1500
The selling price of some goods is $1500 and cost to sell the goods is $200. What is the Net Realizable Value NRV?
(A) $1000
(B) $1200
(C) $1300
(D) $1500
The goods that have not been sold to the customers till the end of the reporting period are considered as
(A) inventories
(B) expenses
(C) sales
(D) purchases
The goods that have been sold to the customers are treated as _____ in the financial statements.
(A) inventories
(B) expenses
(C) income
(D) debt
Raw materials that are remaining at the end of the reporting period are treated as
(A) liabilities
(B) expenses
(C) fixed assets
(D) current assets
What net book value would be recorded in financial position statement or balance sheet at the end of Year-2?
A company purchases a non-current asset in Year 1 for $90,000. The depreciation charge is $15,000. What net book value would be recorded in financial position statement or balance sheet at the end of Year-2?
(A) $75,000
(B) $60,000
(C) $30,000
(D) $15,000
Depreciation is normally charged as
(A) payable
(B) receivable
(C) expenses
(D) advances
Which from the following asset is NOT depreciated?
I. Advances
II. Land
III. Machinery
(A) I only
(B) II only
(C) I and II
(D) II and III
The figure that appears in the statement of financial position, after the depreciation, is known as
(A) depreciation
(B) substance over form
(C) residual value
(D) net book value