Accounting Mcqs


Q.  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


ANSWER: See Answer
 
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MCQs:  Bank reconciliation statement is prepared by____________?
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MCQs:  In the Bank reconciliation statement “Deposit in transit” is usually:
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MCQs:  Unpresented checks also referred as____________?
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MCQs:  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?
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MCQs:  Standing orders are ________
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MCQs:  Uncollected checks also referred as______________?
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MCQs:  ___________ are checks that are issued by the business but not yet presented to bank
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MCQs:  Bank sent debit advice of $500 to company being interest on overdraft. It wasn’t entered in cash book. Identify the correct adjustment in cash book.
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MCQs:  In bank reconciliation statement the amount of outstanding checks is added to ________ balance of cash book.
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MCQs:  Which of the following error results in unadjusted cash book balance?
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MCQs:  _________ Checks that are presented to bank but not yet credited by the bank.
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MCQs:  Balance as per cash book(adjusted.=$1000, Unpresented checks=$2000, Uncredited checks=$500, Deposit in transit=$500. Compute the balance as per bank statement.
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MCQs:  A company was entered in hire purchase agreement and had to pay $1000 per month. Three payments were made via bank account but no entry was found in cash book. Identify the correct adjustment in cash book
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MCQs:  $5000 deposited in bank account was entered twice in the cash book. Identify the correct adjustment in cash book.
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MCQs:  An entry which is made on both sides of a cash book is called__________?
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