Net sales equals, sales minus:

Related Mcqs:

Cash received from debtor is recorded in which of the following SPECIALIZED journals?

A. Purchase journal B. Sales journal C. Cash receipts D. Cash payments journal...

Which of the following statements is correct about Trial Balance?

A. The Trial Balance is prepared after preparing the Profit and Loss Account B. The Trial Balance shows only balances of Assets and Liabilities C. The Trial Balance shows only nominal account balances D. The Trial Balance has no statutory importance from the point of view of law...

The balance of which of the following accounts do not disappear, once they are debited/credited to Trading Account?

A. Sales B. Purchases C. Inward returns D. Closing stock...

Which of the following shall not be deducted from net profit while calculating managerial remuneration?

A. Loss on sale of undertaking B. Debts considered bad and written off C. Liability arising from a breach of contract D. Director‘s remuneration...

Under which of the following situations, is journal entry not passed in the books of the drawer?

A. When a discounted bill is honoured by the drawee on the due date B. When a bill is sent to the bank for collection C. When a bill is renewed at the request of the drawee D. When a debtor accepts a bill drawn by the drawer...