________ is the gross inflow of economic benefits?

Related Mcqs:

1. The gross decrease in economic benefits for the business are what?

   A. Expenses
   B. Obligations
   C. Creditors
   D. Income or gain

2. Gross Profit is equal to_________?

   A. Sales – Cost of goods sold
   B. Sales – Closing Stock + Purchases
   C. Opening Stock + Purchases – Closing Stock
   D. None of the above

3. Riaz holds an average inventory of 36,000(CP) with an inventory turnover of 5 times. If the firm makes a gross profit of 25% on sales, find the total sales of the company.

   A. 2,40,000
   B. 2,10,000
   C. 2,00,000
   D. 1,80,000

4. Find the value of opening stock from the following data. Purchases 1,50,000, Closing stock 30,000 Sales 2,20,000, Gross profit 40,000.

   A. 50,000
   B. 55,000
   C. 60,000
   D. 65,000

5. A discount of $2000 was given to a supplier on his prompt repayment of debt but the cashier entered the gross amount in cash book. What should be the adjustment in cash to work out the correct balance of cash book?

   A. $2000 will be debited in cash book
   B. $2000 will be credited in cash book
   C. $4000 will be debited in cash book
   D. $4000 will be credited in the cash book

6. Benefits of preparing Bank Reconciliation Statement includes___________?

   A. It bring out any errors committed in preparation of Cash book / Bank Pass Book
   B. Highlights under delay in clearance of cheques deposited but not credited
   C. Help know actual bank balance
   D. All the three

7. In accounting an Economic event is referred to as:

   A. Cash
   B. Bank statement
   C. Transaction
   D. Exchange of money

8. Which of the following factors are primarily considered to determine the economic life of an asset?

   A. Passage of time, asset usage, and obsolescence
   B. Tax regulations and SEBI guidelines
   C. Tax regulations and asset usage
   D. SEBI guidelines and Asset usage

9. In which of the following methods, the cost of the asset is spread over in equal proportion during its useful economic life?

   A. Straight-line method
   B. Written down value method
   C. Units-of-production method
   D. Sum-of-the years‘-digits method

10. ________ is a separate legal entity that Total capital can be divided in many shares.

    A. Partnership
    B. Sole proprietorship
    C. Company
    D. Non-profit organization