The unsold goods are ______________?

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. Goods Return by the customer are termed as :

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

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

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

5. Goods return to supplier are known as:__________?

   A. Merchandise return
   B. Purchase return
   C. Return inwards
   D. Sales return

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

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

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

   A. Discount
   B. Cash discount
   C. Allowance
   D. Trading discount

8. Goods sent on approval basis’ have been recorded as ‘Credit sales’. This is an example of____________?

   A. Error of principle
   B. Error of commission
   C. Error of omission
   D. Error of duplication

9. 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

10. 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