X draws a Bill of Exchange on Y for 10,000 on 1-1-2013 for 3 months. The due date of the bill will be_________?

✅ B. For mutual financial accommodation

Option A : Genuine trade reasons Option B : For mutual financial accommodation Option C : To help augment money supply Option D : All the three Correct Answer : For mutual financial accommodation Read more

✅ D. Closing stock

Option A : Sales Option B : Purchases Option C : Inward returns Option D : Closing stock Correct Answer : Closing stock Read more

✅ B. All credit purchases of goods

Option A : All purchases of goods Option B : All credit purchases of goods Option C : All credit purchases Option D : None of these Correct Answer : All credit purchases of goods 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. Drawings

Option A : Drawings Option B : Bad debts Option C : Accrued expenses Option D : Reserve for discount on Sundry Creditors Read More Details about this Mcq Correct Answer : Drawings Read more

✅ C. The events after Balance Sheet date but before its approval by the board

Option A : All the significant events after the Balance Sheet date Option B : The events after Balance Sheet date but before submitting it to the Registrar of Companies Option C : The events after Balance Sheet date but before its approval by the board Option D : All changes after Balance Sheet date before its approval Correct Answer… Read more

✅ A. Mistake in Cash Book

Option A : Mistake in Cash Book Option B : Mistake in Pass Book Option C : Cheque issued but not presented for payment Option D : Cheques deposited but not cleared Correct Answer : Mistake in Cash Book Read more

✅ D. $3000 will be subtracted from cash book balance

Option A : $1000 will be added to cash book balance Option B : $2000 will be deducted from cash book balance Option C : $3000 will be added to cash book balance Option D : $3000 will be subtracted from cash book balance Correct Answer : $3000 will be subtracted from cash book balance Read more