Which of the following will be debited if a business purchases goods on credit?

Related Mcqs:

Bookkeeping mainly concerns with which part of accounting process?

A. Analyzing B. Preparing financial statements C. Recording financial information D. Auditing the books of accounts...

Which of the following assets is/are to be valued at the lower of cost and net realizable value?

A. Goodwill B. Inventories C. Investments D. Both B. and C. above....

Generally the term fund is used to mean the difference between?

A. Current assets and current liabilities B. Profit and loss A/C and Balance sheet C. Current assets and non-current liabilities D. Current liabilities and non-current liabilities...

Under the direct write-off method of recognizing a bad debt expense. Which of the following statements is/are true?

A. The bad debt expense is not matched with the related sales B. Revenue is overstated in the year of sales C. It violates the matching principle of accounting D. All of the above...

Riaz 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.

A. 2,40,000 B. 2,10,000 C. 2,00,000 D. 1,80,000...