When goods, in which business deals are sold, it 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. The person to whom goods are sold on credit is called___________?

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

3. Cost of goods sold excludes___________?

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

4. Which of the following accounts will be debited if the business’s owner withdraws cash from business for his personal use?

   A. Drawings
   B. Cash
   C. Business
   D. Stock

5. Which of the following specialised journals will record “goods returned by the BUSINESS “?

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

6. Which of the following will be debited if a business purchases goods on credit?

   A. Cash
   B. Debtor
   C. Creditor
   D. Purchases

7. 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

8. Costs that change in response to alternative courses of action are called___________?

   A. Relevant costs
   B. Differential costs
   C. Target costs
   D. Sunk costs

9. In support of business transaction, any written evidence is called ___________?

   A. Discount
   B. Voucher
   C. Allowance
   D. Price

10. For the business, capital is ____________?

    A. Expense
    B. Liability
    C. financial assets
    D. All of them