Given below are two statements, one labelled as Assertion (A) and the other as Reason (R)
Assertion (A): Gross profit ratio is calculated on the basis of net sales.
Reason (R): Gross profit ratio measure overall profitability of a concern.
Choose the correct answer:
A. Both (A) and (R) are true and (R) is correct explanation of (A)
B. Both (A) and (R) are true but (R) is not be correct explanation of (A)
C. (A) is true but (R) is false
D. (A) is false but (R) is true
Answer: Option C
This Question Belongs to Commerce >> Accounting
Accounting provides information on
A. Cost and income for managers
B. Company's tax liability for a particular year
C. Financial conditions of an institutions
D. All of the above
The long term assets that have no physical existence but are rights that have value is known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Patents, Copyrights and Trademarks are
A. Current assets
B. Fixed assets
C. Intangible assets
D. Investments
Join The Discussion