Fundamentals of Accounting MCQs

36. Question

Goods purchased Rs.25,00,000. 70% of the goods are sold. The closing inventory is valued at the market price of Rs.5,00,000. Which concept has been followed?




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37. Question

`A` paid a yearly subscription of Rs.1200 (01-07-2016 to 30-06.2017). What is the adjustment to be made for the year ended 31-03-2017?




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38. Question

In a factory, X is the main product and Y is the By-product. 5,000 kg of X and 100 ke of Y were produced, The market value of ¥ is Rs.10 per kg. Total cost of production is Rs.5,00,000 and X is to be sold at a profit of 20% above the cost. Then what is the selling price of X 7?




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39. Question

Which of the following statements is true?




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40. Question

Liability on bills discounted with bank is a_______




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