Question
If the opening stock is ₹50,000, purchases are ₹2,00,000, and closing stock is ₹70,000, the Cost of Goods Sold is:
More Forming base to Accounts Questions
- Which accounting principle/concept states that revenue should be recognized when it is earned, regardless of when cash is received?
- Inflation caused by an increase in the prices of inputs (e.g., wages, oil) is called:
- The primary objective of financial accounting is to:
- The "Matching Principle" requires that:
- If an asset is purchased for ₹1,00,000 with a residual value of ₹10,000 and a life of 9 years, the annual depreciation under the Straight Line Method (SLM)...
- Contingent Liabilities are shown in the:
- Which accounting principle states that revenue should be recognized in the accounting period in which it is earned?
- The basic accounting equation is:
- "Revenue Reserve" is created out of:
- The error of principle occurs when:
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