The term 'Net Realizable Value' means: MCQ with Answer and Explanation
Question
Report Error
Discuss this Question (0)
Practice More Accountancy and Book Keeping Questions
Question #1
Report Error
The 'Companies Act, 2013' mandates CSR spending for companies with:
Correct Answer: Option D
Explanation:
Section 135 specifies the criteria for mandatory CSR.
Section 135 specifies the criteria for mandatory CSR.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
Report Error
Which of the following books is known as the 'Principal Book' of accounts?
Correct Answer: Option A
Explanation:
The ledger is the principal or chief book of accounts because all financial data is ultimately classified and summarized there.
The ledger is the principal or chief book of accounts because all financial data is ultimately classified and summarized there.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
Report Error
Which of the following is an example of a nominal account?
Correct Answer: Option D
Explanation:
Commission Received Account represents an income, which is a nominal account. The rule is 'Credit all incomes and gains'.
Commission Received Account represents an income, which is a nominal account. The rule is 'Credit all incomes and gains'.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
No comments yet. Be the first to start the discussion!