Which of the following is considered a 'Recent Development' in environmental accounting? MCQ with Answer and Explanation
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Question #1
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A firm's 'Re-order Level' is calculated as:
Correct Answer: Option A
Explanation:
Re-order level = Maximum consumption * Maximum lead time, ensuring stock doesn't run out.
Re-order level = Maximum consumption * Maximum lead time, ensuring stock doesn't run out.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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A 'Debit Note' is issued by:
Correct Answer: Option D
Explanation:
A debit note is prepared by the buyer when returning goods, informing the seller that his account is debited.
A debit note is prepared by the buyer when returning goods, informing the seller that his account is debited.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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In a journal entry, if an asset is destroyed by fire and fully insured, which account is debited?
Correct Answer: Option D
Explanation:
Because the loss is fully insured, the insurance company becomes a debtor for the claim amount, hence debited.
Because the loss is fully insured, the insurance company becomes a debtor for the claim amount, hence debited.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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