he term 2/10-n/30 implies that ______ % discount will be given if the payment is made within days or full amount is receivable within 30 days?

Related Mcqs:

1. 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

2. 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

3. Collection of account receivable will

   A. Increase assets and decrease assets
   B. Increase assets and decrease liabilities
   C. Increase assets and increase capital
   D. Increase assets and increase cash

4. The accountant of Leo Ltd. recorded a payment by cheque to a creditor for supply of materials as 1,340.56. The bank recorded the cheque at its correct amount of 3,140.56. The Company has not passed any rectification entries and the error is not detected through the bank reconciliation. The impact of this error is

   A. The Trial Balance will not agree
   B. The balance of creditors is understated
   C. The purchases are understated
   D. The favorable bank balance as per Pass Book is less than the Bank balance as per Cash book

5. Payment of expenses will ______ the assets

   A. Increase
   B. Reduce
   C. apportion
   D. Overstate

6. Double entry implies that

   A. Recording entries in journal
   B. Recording entries in Ledger account
   C. Recording two aspects of every transaction
   D. Recording every transaction in books

7. Closing stock in the Trial Balance implies that______________?

   A. It is already adjusted in the opening stock
   B. It is adjusted in the Purchase A/c
   C. It is adjusted in the Cost of Sale A/c
   D. It is adjusted in the Profit &Loss A/c

8. Favorable balance of cash book implies that

   A. Credit balance of cash book
   B. Debit balance of cash book
   C. Bank overdraft
   D. Adjusted balance of cash book

9. Favorable balance of bank statement implies that

   A. Credit balance
   B. Debit balance
   C. Bank overdraft
   D. Adjusted balance

10. Short term Assets expected to be converted into cash within 1 year or less than?

    A. Current Assets
    B. Fixed Assets
    C. Current Assets& current liabilities
    D. All of the above

    Submitted by: Maneesh Kumar