Question
The cost of production of Track suits by Nike is
approximately what percent more than the cost of production of Shoes by Reebok? Study the following charts carefully and answer the questions that follow: The total production cost of all Brands = Rs 4 crores.Solution
Production cost of Track suits by Nike = 3/5 of 25% of 4crore = 0.6 crores Production cost of Shoes by Reebok = 4/9 of 18% of 4crore = 0.32 crores Therefore, required % = (0.6 – 0.32)/0.32 × 100 = 87.5% (88% approx)
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:
