Fundamentals of Accounting MCQs
26. Question
When opening inventory is undercast by Rs.20,000 and closing inventory is overcast by Rs.25,000, the Net Profit will be_________
Answer
27. Question
In a factory an amount of Rs.10,000 was spent for the overhauling of existing machinery. This expenditure resulted in doubling the working capacity of the machine. During the same year an expenditure of Rs.2,00,000 was Incurred to maintain the production capacity of an old boiler plant used In the factory. What is true?
Answer
28. Question
Contra entries are recorded in
Answer
29. Question
If revenue expenditure is recorded as capital expenditure
Answer
30. Question
Error of principle occurs at the time of —
Answer