Carriage outward is shown in: MCQ with Answer and Explanation

Question
Carriage outward is shown in:
A. Manufacturing A/c
B. Profit & Loss A/c
C. Balance Sheet
D. Trading A/c
Answer: Option B
Solution (By JKSSB Mock Tests)
Carriage outward is a selling and distribution expense, so it appears in Profit & Loss Account.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Practice More Accountancy and Book Keeping Questions

Question #1
A credit balance in the bank column of a cash book signifies:
A. Error in accounting
B. Cash at bank
C. Fixed deposit
D. Bank overdraft
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Correct Answer: Option D

Explanation:
Since bank is an asset (usually debit balance), a credit balance means the business has withdrawn more than deposited, creating an overdraft liability.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
The 'Anti-Dumping Duty' is imposed to:
A. Increase imports
B. Reduce customs duty
C. Protect domestic industry from cheap imports sold below normal value
D. Promote exports
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Correct Answer: Option C

Explanation:
Anti-dumping duty is a trade remedy measure.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Search and Seizure' under Section 132 of Income Tax Act is commonly known as:
A. Raid
B. Survey
C. Audit
D. Assessment
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Correct Answer: Option A

Explanation:
Search and seizure is an extreme measure to unearth undisclosed income.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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