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Financial Accounting

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49Answers

49Questions

In: Financial Accounting

Overcasting of Purchases Journal would affect a) Sales Account only b) Purchases Account only c) Supplier’s Account and Purchases Account d) Sales Account and Purchases Account

afaq
Added an answer on May 8, 2021 at 12:00 am
c) Supplier’s Account and Purchases Account

c) Supplier’s Account and Purchases Account
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In: Financial Accounting

Salary paid to Rehman was recorded in the Cashbook as payment to Rehman. This is an error of a) Omission b) Commission c) Compensating error d) Principle

afaq
Added an answer on May 8, 2021 at 12:00 am
d) Principle

d) Principle
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In: Financial Accounting

According to the money measurement concept, which transaction will be recorded in the books of the account? a) Health of manager b) Quality of goods c) Value of building d) Qualifications of employees

afaq
Added an answer on May 8, 2021 at 12:00 am
c) Value of building

c) Value of building
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In: Financial Accounting

Revenue is said to be realized when a) The sale is made b) Goods are manufactured c) Cash is received d) Sale is made and cash is received

afaq
Added an answer on May 8, 2021 at 12:00 am
c) Cash is received

c) Cash is received
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In: Financial Accounting

Discount allowed on the issue of shares is an example of a) Capital loss b) Capital expenditure c) Revenue expenditure d) Deferred revenue expenditure

afaq
Added an answer on May 8, 2021 at 12:00 am
b) Capital expenditure

b) Capital expenditure
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In: Financial Accounting

Repair incurred for using a second-hand car purchased recently a) Capital expenditure b) Revenue expenditure c) Capital loss d) Deferred revenue expenditure

afaq
Added an answer on May 8, 2021 at 12:00 am
This answer was edited.

a) Capital expenditure

a) Capital expenditure
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In: Financial Accounting

Sales are equal to a) Cost of Goods Sold + Gross Profit b) Cost of Goods Sold – Gross Profit c) Gross Profit – Cost of Goods Sold d) Cost of Goods Sold – Stock

afaq
Added an answer on May 8, 2021 at 12:00 am
a) Cost of Goods Sold + Gross Profit

a) Cost of Goods Sold + Gross Profit
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In: Financial Accounting

Interest in drawings is regarded as a) Expenditure for the business b) Loss for the business c) Gain for the business d) Liability for the business

afaq
Added an answer on May 8, 2021 at 2:40 pm
c) Gain for the business

c) Gain for the business
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In: Financial Accounting

Which of the following expenses will be shown in the Profit and Loss Account? a) Wages b) Carriage inwards c) None of the above d) Both (a) and (b) above

afaq
Added an answer on May 8, 2021 at 12:00 am
b) Carriage inwards

b) Carriage inwards
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In: Financial Accounting

The concept of conservatism takes into account a) All expected income and losses b) All expected income but no losses c) All expected losses but no expected income d) None

afaq
Added an answer on May 8, 2021 at 12:00 am
c) All expected losses but no expected income

c) All expected losses but no expected income
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