The concession received on the price of defective goods is called:

Related Mcqs:

1. 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

2. 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

3. Income earned but not received is called ____________?

   A. Fictitious assets
   B. Quick asset
   C. Real asset
   D. Outstanding asset

4. Sundry debtors as per Trial Balance is 43,000 which includes 2,200 due from ‗H in respect of goods sent to him on approval basis, the cost price of which is 1,800. Rectification would involve:

   A. Adding 2,200 to closing stock
   B. Deducting 1,800 from closing stock and deducting 2,200 each from debtors and sales
   C. Adding 1,800 to closing stock and deducting 2,200 each from debtors and sales
   D. Deducting 1,800 from debtors

5. Discount received is a/an:

   A. Asset
   B. Expense
   C. Liability
   D. Revenue

6. Cash received from debtor is recorded in which of the following SPECIALIZED journals?

   A. Purchase journal
   B. Sales journal
   C. Cash receipts
   D. Cash payments journal

7. Cash received for services rendered will______________?

   A. Increase cash and liability
   B. Increase equity and liability
   C. Increase fixed assets and cash
   D. Increase cash and equity

8. The adjustment to be made for income received in advance is:

   A. Add income received in advance to respective income and show it as a liability
   B. Deduct income received in advance from respective income and show it as a liability
   C. Add income received in advance to respective income and show it as asset
   D. Deduct income received in advance from respective income and show it as an asset in the Balance Sheet

9. Cash received from debtors would be deemed as___________of funds.

   A. No flow
   B. Sources
   C. Uses
   D. Gain

10. During the accounting period, sales revenue is Rs. 25,000 and accounts receivable increases by Rs. 8,000. What will be the amount of cash received from customers for the period?

    A. Rs. 33,000
    B. Rs. 25,000
    C. Rs. 17,000
    D. Rs. 8,000