Fundamentals of Accounting MCQs

21. Question

In case of a Bill of Exchange__________ is required and in case of Promissory Note ___________ is required




Answer
22. Question

Super profit Fs.50,000; Present value of Annuity of Re. 1 for four years is Rs. 3.4651 @ 6% p.a. Find out the value of goodwill under annuity method.




Answer
23. Question

Cash Sales As.50,000, Credit Sales As.3,50,000, Sales returns Rs.50,000. Credit sales include goods costing Rs.40,000 sent on approval basis at mark up of 20% on sale price and not yet approved. Then the net sales will be




Answer
24. Question

Contingent asset will be disclosed________




Answer
25. Question

claim received on account of machinery completely destroyed by fire is a _______




Answer