Accounting MCQ Questions and Solutions with Explanations

Section 1 Section 2 Section 3 Section 4 Section 5 Section 6

66.
NRV or net realizable value of inventory is the expected selling price or market value less

A. Carry value of the inventory

B. Expenses necessary to complete sale

C. Cost of the stock

D. Replacement cost

Answer & Solution Discuss in Board Save for Later

67.
Under which method of inventory costing, a pre-determined cost is assigned to all items of inventory?

A. Replacement cost method

B. Standard cost method

C. AVCO or average cost

D. FIFO method

Answer & Solution Discuss in Board Save for Later

68.
Term 'Credit' means _____ by the business

A. Receiving of benefits

B. It has no effect on business

C. Providing benefits

D. It depends upon items

Answer & Solution Discuss in Board Save for Later

69.
When a liability is reduced or decreased, it is recorded on the:

A. Left or credit side of the account

B. Right or debit side of the account

C. Right or credit side of the account

D. Left or debit side of the account

Answer & Solution Discuss in Board Save for Later

70.
When capital is increased by an amount, it is recorded on the:

A. Left or credit side of the account

B. Right or debit side of the account

C. Right or credit side of the account

D. Left or debit side of the account

Answer & Solution Discuss in Board Save for Later

1 2 3 4 5 6 7 8 9 10 11 12 13 14

Accounting MCQ Questions and Solutions with Explanations | Commerce

66. NRV or net realizable value of inventory is the expected selling price or market value less

Answer & Solution

67. Under which method of inventory costing, a pre-determined cost is assigned to all items of inventory?

Answer & Solution

68. Term 'Credit' means _____ by the business

Answer & Solution

69. When a liability is reduced or decreased, it is recorded on the:

Answer & Solution

70. When capital is increased by an amount, it is recorded on the:

Answer & Solution

Read More Section(Accounting)

66.
NRV or net realizable value of inventory is the expected selling price or market value less

67.
Under which method of inventory costing, a pre-determined cost is assigned to all items of inventory?

68.
Term 'Credit' means _____ by the business

69.
When a liability is reduced or decreased, it is recorded on the:

70.
When capital is increased by an amount, it is recorded on the: