A. Expenses
B. Obligations
C. Creditors
D. Income or gain
Related Mcqs:
- ________ is the gross inflow of economic benefits?
A. Assets
B. Liabilities
C. Income
D. Expenses - If the total liabilities of a business decrease by $5000 what will be the effect on total asset?
(assuming the amount of capital remain same)
A. Remain constant
B. Decrease by $5000
C. Increase by $5000
D. Increase by $10,000 - 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 - 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 - 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 - 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 - 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 - 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 - ___________ helps business to classify transactions according to their nature?
A. General journal
B. Real accounts
C. Ledger accounts
D. Cash accounts - If the business’s owner withdraws cash for his/her personal use what will be the effect on capital?
A. Increase in capital
B. Remain the same
C. Decrease in capital
D. No effect on capital
The correct answer to the question: "The gross decrease in economic benefits for the business are what?" is "Expenses".
