Discount for quick repayment of debt is normally referred as____________?

✅ A. Profit & Loss Account is prepared for a certain period and hence it is an interim statement

Option A : Profit & Loss Account is prepared for a certain period and hence it is an interim statement Option B : Profit & Loss Account does not disclose the effect of non-financial items Option C : Net Profits are ascertained on the basis of current costs Option D : Net Profits as disclosed by P&L Account is not… Read more

✅

Option A : Expenses in connection with issue of equity shares Option B : Preoperative expenses Option C : Heavy advertising expenses to introduce a new product Option D : Legal expenses incurred in defending a suit for breach of contract to supply goods Correct Answer : Read more

✅ B. Asset

Option A : Liability Option B : Asset Option C : Expenses Option D : Income Correct Answer : Asset Read more

✅ A. Acceptance

Option A : Acceptance Option B : Unconditional promise to pay Option C : Properly stamped Option D : Payment to be made legal currency Correct Answer : Acceptance Read more

✅ C. Historical cost “ Depreciation portion thereof

Option A : Replacement cost “ Accumulated Depreciation Option B : Historical cost “ Salvage Value Option C : Historical cost “ Depreciation portion thereof Option D : Original cost adjusted for general price-level changes Correct Answer : Historical cost “ Depreciation portion thereof Read more

✅ C. Damage paid on account of breach of a contract to supply certain goods

Option A : 1000 paid for the execution of a new plant Option B : Loss of 10,000 incurred in increasing the sitting accommodation of a hotel Option C : Damage paid on account of breach of a contract to supply certain goods Option D : Repair to machinery purchased, second hand. Correct Answer : Damage paid on account of… Read more

✅ A. $5000 will be credited

Option A : $5000 will be credited Option B : $5000 will be debited Option C : $10,000 will be credited Option D : $10,000 will be debited Correct Answer : $5000 will be credited Read more

✅ A. Acceptors Account is debited in the books of drawer

Option A : Acceptors Account is debited in the books of drawer Option B : Bills Receivable Account is credited in the books of drawer Option C : Bank Account is debited in the books of drawer Option D : Bills Payable Account is debited in the books of drawer Read More Details about this Mcq Correct Answer : Acceptors… Read more