Carriage inwards is charged to the trading account because:

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Question:
Carriage inwards is charged to the trading account because:

1.Carriage outwards goes in the profit and loss account

2.It is an expense connected with buying goods

3.It is not part of motor expenses

4.It should not go in the balance sheet

Posted Date:-2021-10-28 13:50:07

More MCQS Questions and answers

  1. Which of the following is correct?
  2. A Bank Reconciliation Statement is a statement:
  3. A cash discount is best described as a reduction in the sum to be paid:
  4. A credit balance of £200 on the cash columns of the cash book would mean:
  5. A debit balance brought down on a Packing Materials Account means:
  6. A firm bought a machine for £16,000. It is expected to be used for 5 years then sold for £1,000. What is the annual amount of depreciation if the straight line method is used?
  7. A firm bought a machine for £3,200. It is to be depreciated at a rate of 25 per cent using the Reducing Balance Method. What would be the remaining book value after 2 years?
  8. A Provision for Doubtful Debts is created:
  9. An alternative name for a Sales Journal is:
  10. Any loss on revaluation is:
  11. Assets can be revalued in a partnership change because:
  12. £50 cash taken from the cash till and banked is entered:
  13. Capital Expenditure is:
  14. Carriage inwards is charged to the trading account because:
  15. Depreciation is:
  16. Discounts received are:
  17. Entered in the Purchases Journal are:
  18. Errors are corrected via the Journal because:
  19. Given cost of goods sold £16,000 and margin of 20 per cent, then sales figure is:
  20. Given opening capital of £16,500, closing capital as £11,350 and drawings were £3,300, then:
  21. Given opening debtors of £11,500, Sales £48,000 and receipts from debtors £45,000, the closing debtors should total:
  22. Gross profit is:
  23. If a trial balance totals do not agree, the difference must be entered in:
  24. If £500 was shown added to Purchases instead of being added to a fixed asset:
  25. If creditors at 1 January 20X3 were £2,500, creditors at 31 December 20X3 £4,200 and payments to creditors £32,000, then purchases for 20X3 are:
  26. If it is required to maintain fixed capitals then the partners' shares of profits must be:
  27. If you want to make sure that your money will be safe if Cheques sent are lost in the post, you should:
  28. In a Sales Ledger Control Account the Bad Debts written off should be shown in the account:
  29. In the Manufacturing Account is calculated:
  30. In the trial balance the balance on the Provision for Depreciation Account is:
  31. Is it true that the trial balance totals should agree?
  32. Net profit is calculated in the:
  33. Suppliers' personal accounts are found in the:
  34. The best method of departmental accounts is:
  35. The costs of putting goods into a saleable condition should be charged to:
  36. The credit entry for net profit is on the credit side of:
  37. The Issued Capital of a company is:
  38. The Journal is:
  39. The total of the 'Discounts Allowed' column in the Cash Book is posted to:
  40. The total of the Purchases Journal is transferred to the:
  41. The total of the Returns Outwards Journal is transferred to:
  42. The total of the Sales Journal is entered on:
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  44. When banking money in to your current account you should always use:
  45. When the final accounts are prepared, the Bad Debts Account is closed by a transfer to the:
  46. When the final accounts are prepared, the Bad Debts Account is closed by a transfer to the:
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