Revenue is generally recognized as being earned at that point of time when?

✅ A. Written down to zero or its scrap value

Option A : Written down to zero or its scrap value Option B : Shown in the Balance Sheet at its replacement cost Option C : Shown in the Balance Sheet at cost, but classified as a non-current asset Option D : Carried in the accounting records at cost until it is sold Correct Answer : Written down to zero… Read more

✅ D. Both and B.

Option A : Cheque issued but not presented Option B : Cheque issued but dishonoured Option C : Cheque deposited and credited by bank Option D : Both and B. Correct Answer : Both and B. Read more

✅ D. Moving average method

Option A : Delivery method Option B : Percentage-of-completion method Option C : Production method Option D : Moving average method Correct Answer : Moving average method Read more

✅ C. Debit Reserve for Discount on Accounts Payable A/c and Credit P&L A/c

Option A : Debit P&L A/c and Credit Reserve for Discount on Accounts Payable A/c Option B : Debit Accounts Payable A/c and Credit P&L A/c Option C : Debit Reserve for Discount on Accounts Payable A/c and Credit P&L A/c Option D : Debit Reserve for Discount on Accounts Payable A/c and credit Accounts Payable A/c Read More Details… Read more

✅ C. Gross Profit + Opening Stock + Direct expenses + Purchases- Closing stock = Sales

Option A : Gross Profit+ Sales+ Direct expenses+ Purchases+ Closing stock = Opening stock Option B : Gross Profit+ Sales+ Direct expenses+ Purchases- Closing stock = Opening Stock Option C : Gross Profit + Opening Stock + Direct expenses + Purchases- Closing stock = Sales Option D : Gross Profit “ Opening Stock + Direct expenses + Purchases +Closing stock… Read more

✅ B. Profit & Loss A/c

Option A : Debtors A/c Option B : Profit & Loss A/c Option C : Profit & Loss Adjustment A/c Option D : Profit & Loss Appropriation A/c Correct Answer : Profit & Loss A/c Read more

✅ B. Depreciation is a charge against profit

Option A : Depreciation cannot be provided in case of loss in a financial year Option B : Depreciation is a charge against profit Option C : Depreciation is provided in the books only when there is profit Option D : Depreciation is an appropriation of profit Correct Answer : Depreciation is a charge against profit Read more

✅ A. Raw material consumed

Option A : Raw material consumed Option B : Plant purchased Option C : Long term loan raised from bank Option D : Share Capital Correct Answer : Raw material consumed Read more