Which of the following entries is correct in respect of reserve for discounts on accounts payable?

✅ C. 7150

Option A : 6441 Option B : 5431 Option C : 7150 Option D : 5876 Correct Answer : 7150 Read more

✅ A. 2,40,000

Option A : 2,40,000 Option B : 2,10,000 Option C : 2,00,000 Option D : 1,80,000 Correct Answer : 2,40,000 Read more

✅ C. 10,000 units

Option A : 8,000 units Option B : 11,000 units Option C : 10,000 units Option D : 9,000 units Correct Answer : 10,000 units Read more

✅ C. The total of the sales journal has not been posted to the Sales Account

Option A : Sale of ` 100 was recorded in the Purchases Journal Option B : Wages paid to Mohan have been debited to his account Option C : The total of the sales journal has not been posted to the Sales Account Option D : Repairs to buildings have been debited to buildings account Correct Answer : The total… Read more

✅ B. The person responsible for dishonour

Option A : The drawer of the bill Option B : The person responsible for dishonour Option C : The holder of the bill Option D : The endorser of the bill Read More Details about this Mcq Correct Answer : The person responsible for dishonour Read more

✅ A. Outstanding checks

Option A : Outstanding checks Option B : Unpresented checks Option C : Deposit in transit Option D : Omission of Bank charges Correct Answer : Outstanding checks Read more

✅ A. Assets accounts

Option A : Assets accounts Option B : liability accounts Option C : Cash accounts Option D : Revenue accounts Correct Answer : Assets accounts Read more

✅ A. Compensation paid to Directors on termination of their services

Option A : Compensation paid to Directors on termination of their services Option B : Expenditure incurred in connection with the renewal of a Trade Mark. Option C : Gratuities paid to Directors on termination of their services. Option D : Royalty paid in installments for the purchase of rights to manufacture and sell patient medicines. Correct Answer : Compensation… Read more