Cost of goods sold excludes___________?

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. A Ltd. Has sales of 2,200, total fixed cost of 570, variable cost of 1,540, raw material consumed of ` 1,100, number of units sold 22,000. What shall be the BEP 9 in units) if raw material price is reduced by 2%?

   A. 18,387
   B. 18,560
   C. 18,750
   D. 19,000

3. The person to whom goods are sold on credit is called___________?

   A. Buyer
   B. Seller
   C. Debtor
   D. Creditor

4. When goods, in which business deals are sold, it is called___________?

   A. Purchases
   B. Return inward
   C. Sales
   D. Return outwards

5. 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

6. 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

7. The total cost incurred in the operation of a business undertaking other than the cost of manufacturing and production is known as________?

   A. Direct cost
   B. Variable cost
   C. Commercial cost
   D. Conversion cost

8. A second hand car is purchased for 2,00,000 and sold at 1,40,000 after two years. If depreciation is charged @ 10% on SLM method, find the profit or loss on sale of the car?

   A. 20,000 Loss
   B. 20,000 Profit
   C. 10,000 Loss
   D. 10,000 Profit

9. A second hand car is purchased for 2,00,000 and sold at 1,40,000 after two years. If depreciation is charged @ 10% on written down value method, find the profit or loss on sale of the Second hand car?

   A. Loss of 20,000
   B. Loss of 22,000
   C. Loss of 11,000
   D. Profit of 11,000

10. Goods returned by customer should be debited to which of the following accounts?

    A. Sales income account
    B. Sales account
    C. Return inward account
    D. Expenses account