Recent developments have made much of a company‘s inventory obsolete. This obsolete inventory should be

Related MCQs

• If average inventory is `1,25,000 and closing inventory is `10,000 less than opening inventory then the value of closing inventory will be
• The beginnings inventory of the current year is overstated by ` 5,000 and closing inventory is overstated by ` 12,000. These errors will cause the net income for the current year by
• ABC holds an average inventory of ` 36,000(CP) with an inventory turnover of 5 times. If the firm makes a gross profit of 25% on sales, find the total sales of the company
• While checking the accounts of ABC the following discrepancies were noticed, even though the Trial Balance was made to balance by putting the difference to Suspense A/c. (i) Sales day book for the month of June‘12 was found overcast by ` 7,000. (ii) A credit purchase of ` 3,000 was omitted to be recorded in the days book. (iii) ` 4,300. Received from A credited to A A/c ` 3,400. (iv) Purchase of Office Equipment worth ` 5,000 included in trading purchases. From the above details what would have been the difference in Trial Balance which was made to balance by opening Suspense A/c.
• Which accounting concept should be considered if the owner of a business takes goods from inventory for his own personal use?
• If 500 shares of 10 issued at a premium of 1 on which 9 (including premium) have been called and 7 including premium have been paid are forfeited, the forfeiture account should be credited by :
• Expenses which have become due during the accounting period for which the final accounts have been prepared but have not yet been paid is called
• Sales made to Mahesh fir cash should be debited to
• During the year 2011-2012, the value of closing inventory was overstated by ` 25,000. Which of the following is true?
• Which of the following is not classified as inventory in the financial statements?