Question
While finalizing the current year’s profit, the
company realized that there was an error in the valuation of closing inventory of the previous year. In the previous year, closing Inventory was valued more by ₹50,000. As a result:Solution
If closing inventory is overstated in the previous year: • Previous year’s profit is overstated • The same amount becomes the opening inventory for the current year, thus inflating cost of goods sold and understating current year’s profit
In Pradhan Mantri Gramin Awaas yojana, the cost of unit assistance is shared between Central and State Governments in the ratio ___________ in plain are...
A country is said to be in a dept trap if _________.
BBB statement based question?
1. The Governor of RBI is the Chairman of BBB.
2. BBB recommends for the selection of heads for Public Sec...
The Financial Access Survey, launched in 2009, is a supply-side dataset on access to and use of financial services aimed at supporting policymakers to ...
Which state has the maximum percentage of Jain population as per 2011 census?
The Indian delegation, led by the Secretary of the Department of Commerce, participated in the Indo-Pacific Economic Framework for Prosperity (IPEF) Min...
Who was crowned the champion of the 2021 US Open men’s singles?
Zoowin Portal was developed by:
Until which year is the National Quantum Mission (NQM) being implemented, as approved by the Union Cabinet?
In which of the following years was the National Archives of India established?