Which of the following statement is considered as the accountant’s snapshot of firm’s accounting value as of a particular date?

Related Mcqs:

During the accounting period, sales revenue is Rs. 25,000 and accounts receivable increases by Rs. 8,000. What will be the amount of cash received from customers for the period?

A. Rs. 33,000 B. Rs. 25,000 C. Rs. 17,000 D. Rs. 8,000...

Which of the following form of business organization is least regulated?

A. Sole-proprietorship B. General Partnership C. Limited Partnership D. Corporation...

Quick Ratio is also known as_______________?

A. Current Ratio B. Acid-test Ratio C. Cash Ratio D. Solvency Ratio...

An asset must be _______ by the business to be shown as an asset in its “balance sheet”

A. Possessed B. Owned C. Controlled D. Used...

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...