CBSE Questions for Class 10 Elements Of Book Keeping And Accountancy Final Accounts Quiz 11 - MCQExams.com

Under FIFO method, in times of rising prices, the charge to production is _______.
  • stationary
  • unduly low
  • unduly high
  • normal
As per AS-2, historical cost of inventory includes ___________.
  • Cost of purchase
  • Cost of conversion
  • Other cost incurred in bringing the inventories in their present condition
  • All of these
X limited is in the business of trading. It is to received Rs.7,000 from Vinod and to pay Rs.8,000 to Vinod. Similarly, it is to pay Rs.8,000 to Sudhir and to receive Rs.9,000 from Sudhir. Except above but after all the adjustment, the books of X Limited show the debtors balance at Rs.72,000 (Dr.) and creditors balance at Rs.39,000(Cr.). The correct value of debtors and creditors to be shown in balance sheet would be___________.
  • Debtors (Rs.72,000), Creditors (Rs.39,000)
  • Debtors (Rs.88,000), Creditors (Rs.55,000)
  • Debtors (Rs.80,000), Creditors (Rs.47,000)
  • Debtors (Rs.79,000), Creditors (Rs.46,000)
Rs. 1,250 paid for the residential telephone bill of the proprietor which of these accounts will be debited _________________.
  • Household A/c
  • Drawing A/c
  • Telephone A/c
  • None
The net assets of a firm at the beginning of 2007 were Rs 107,700. What were the net assets in the year 2007, if the profit earned by the business in 2007 was Rs.72,500 and owner withdraw goods for his own private use that had cost Rs.2,500.
  • Rs.177,200
  • Rs.107,700
  • Rs.177,700
  • Rs.176,700
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Practice Class 10 Elements Of Book Keeping And Accountancy Quiz Questions and Answers