_________ will be credited if goods are given as charity?

Related Mcqs:

1. _________ Checks that are presented to bank but not yet credited by the bank.

   A. Unpresented checks
   B. Uncredited checks
   C. Outstanding checks
   D. Bounced checks

2. A journal entry in which two or more account is debited or credited is referred as____________?

   A. Journal entry
   B. Multi entry
   C. Additional entry
   D. Compound entry

3. Which of the following accounts will be credited if a company purchases building for cash?

   A. Capital account
   B. Fixed assets account
   C. Building account
   D. Cash account

4. The balance of which of the following accounts do not disappear, once they are debited/credited to Trading Account?

   A. Sales
   B. Purchases
   C. Inward returns
   D. Closing stock

5. Find the cost of goods sold if goods are sold for 2,000 at 25% profit on cost?

   A. 1,600
   B. 1,500
   C. 1,000
   D. 1,800

   Updated by: Mohammad Ejaz

6. Budgeted sales for the next year is 5,00,000 units. Desired ending finished goods inventory is 1,50,000 units and equivalent units in ending W-I-P inventory is 60,000 units. The opening finished goods inventory for the next year is 80,000 units, with 50,000 equivalent units in beginning W-I-P inventory How many equivalent units should be produced?

   A. 5,80,000
   B. 5,50,000
   C. 5,00,000
   D. 5,75,000

7. Goods Return by the customer are termed as :

   A. Purchase return
   B. Customer return
   C. Sales return
   D. Inventory return

8. Which of the following specialized journals records “goods returned by customers”?

   A. Purchase journal
   B. Sales journal
   C. Purchases return journal
   D. Sales return journal

9. When a person purchasing goods on credit he becomes a_________in the books of the seller?

   A. Debtor
   B. Creditor
   C. Defaulter
   D. Offender

10. Cost of goods sold excludes___________?

    A. Opening Stock
    B. Carriage inward
    C. Wages & Salary
    D. Postage & Stamps