Gross Profit is equal to_________?

Related Mcqs:

Another name of journal is_____________?

A. Specialized journal B. Day book C. Cash book D. Record book...

Every business transaction affects at least ________ accounts?

A. One B. Two C. Three D. Infinite...

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

A. 17,000 (overstated. B. 12,000 (understated. C. 7,000 (overstated. D. 7,000 (understated....

Depreciation appearing in the Trial Balance should be?

A. Debited to P&L A/c B. Shown as liability in Balance Sheet C. Reduced from related asset in Balance Sheet D. Both A. and C. above...

The drawer of a trade bill passes relevant entries with regard to the transaction involved in it. But, in case of an accommodation bill, he passes an entry in addition to the usual entries. The additional entry so passed is with respect to

A. Discounting of the bill with the bank B. Payment of the bill on due date C. Remitting or receiving the amount D. Sending the bill to bank for collection...