A. Loss on sale of undertaking
B. Debts considered bad and written off
C. Liability arising from a breach of contract
D. Director‘s remuneration
Director‘s remuneration shall not be deducted from net profit while calculating
managerial remuneration
Related Mcqs:
- Any gain on the sale of non-current assets should be _________ from the net profit and the loss must be _________to the net profit in determining fund from operation?
A. Added, Reduced
B. Added, Added
C. Deducted, Added
D. Deducted, Deducted - Tax deducted at source A/c appears in___________?
A. Assets side
B. Liability side
C. Profit & Loss A/c
D. Debited to Capital A/c - Tax deducted at source appears in the Balance Sheet
A. On the assets side under current assets
B. On the assets side under loans and advances
C. On the liabilities side under current liabilities
D. On the liabilities side under provisions - From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission 11% before charging such commission
A. 6441
B. 5431
C. 7150
D. 5876 - From the following details what will be the partners commission? Net profit before charging partners commission 65,000. Partners commission @ 11% after charging such commission.
A. 6441
B. 5431
C. 7654
D. 9876 - Which of the following is not true with regard to preparation of Profit & Loss Account?
A. Profit & Loss Account is prepared for a certain period and hence it is an interim statement
B. Profit & Loss Account does not disclose the effect of non-financial items
C. Net Profits are ascertained on the basis of current costs
D. Net Profits as disclosed by P&L Account is not absolute - Which of the following will not appear in Profit and Loss Account of a business?
A. Drawings
B. Bad debts
C. Accrued expenses
D. Reserve for discount on Sundry Creditors - 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 - Which of the following assets is/are to be valued at the lower of cost and net realizable value?
A. Goodwill
B. Inventories
C. Investments
D. Both B. and C. above. - 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
