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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