Question
Find the total profit earned by selling Track suits by
New Balance and Nike. Study the following charts carefully and answer the questions that follow: The total production cost of all Brands = Rs 4 crores.Solution
Profit of New Balance by selling Track suits = 20% of 5/11 of 22% of 4 crores = 0.08crores Profit of Nike by selling Track suits = 25% of 3/5 of 25% of 4 crores = 0.15crores Therefore, total profit earned = 0.23crores
A trader maintains accounts on cash basis and records revenue only when received. Which fundamental accounting assumption is not followed?
Which accounting principle/concept states that revenue should be recognized when it is earned, regardless of when cash is received?
"Revenue Reserve" is created out of:
The "Matching Principle" requires that:
The basic accounting equation is:
Which accounting principle states that revenue should be recognized in the accounting period in which it is earned?
Gross Domestic Product (GDP) is defined as the total value of all:
If the opening stock is ₹50,000, purchases are ₹2,00,000, and closing stock is ₹70,000, the Cost of Goods Sold is:
The difference between the total debits and total credits of an account is called:
Prepaid Rent appearing in the Trial Balance is treated as:
Relevant for Exams:
