The Profit and Loss Account shows the:

✅ C. Sales tax paid in connection with the purchase of office equipment

Option A : Interest on loans and debentures Option B : Annual fire insurance premiums on Plant and Equipment Option C : Sales tax paid in connection with the purchase of office equipment Option D : Small expenditures on long- lived assets, such as ` 20 for a paper weight. Correct Answer : Sales tax paid in connection with the… Read more

✅ B. Error of principle

Option A : Error of commission Option B : Error of principle Option C : Error of omission Option D : Compensating error Correct Answer : Error of principle Read more

✅

Option A : Credited to the Profit & Loss Account Option B : Debited to the Profit & Loss Account Option C : Shown on the liabilities side of the Balance Sheet Option D : Shown on the assets side of the Balance Sheet Read More Details about this Mcq Correct Answer : Shown on the assets side of the… Read more

✅ B. Reduction in operating costs

Option A : Increase in working capacity of an asset Option B : Reduction in operating costs Option C : Replacing damaged parts of an asset Option D : Both and Correct Answer : Both and above Read more

✅ C. Intangible Asset

Option A : Nominal A/c Option B : Tangible Asset Option C : Intangible Asset Option D : Fictitious Asset Correct Answer : Intangible Asset Read more

✅ A. Credit side of Cash Book

Option A : Credit side of Cash Book Option B : Debit side of Cash Book Option C : Debit side of Trial Balance Option D : Credit side of Balance Sheet Correct Answer : Credit side of Cash Book Read more

✅ B. Differential costs

Option A : Relevant costs Option B : Differential costs Option C : Target costs Option D : Sunk costs Correct Answer : Differential costs Read more

✅ A. 5,80,000

Option A : 5,80,000 Option B : 5,50,000 Option C : 5,00,000 Option D : 5,75,000 Read More Details about this Mcq Correct Answer : 5,80,000 Read more