In the Trading Account, 'Consumable Stores' used in production are: MCQ with Answer and Explanation

Question
In the Trading Account, 'Consumable Stores' used in production are:
A. Debited to Trading Account
B. Shown as asset
C. Debited to P&L Account
D. Ignored
Answer: Option A
Solution (By JKSSB Mock Tests)
Consumable stores are direct materials, so they are debited to Trading Account.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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Question #1
A Cash Voucher is prepared for:
A. Only cash receipts
B. Both cash receipts and cash payments
C. Only cash payments
D. Credit transactions
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Correct Answer: Option B

Explanation:
Cash vouchers are used to record all transactions involving the physical inflow or outflow of cash.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Social accounting primarily focuses on:
A. Reporting the social and environmental impact of a business
B. Calculating tax liabilities
C. Auditing internal controls
D. Maximizing shareholder wealth
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Correct Answer: Option A

Explanation:
Social accounting measures and reports the social, environmental, and economic effects of business activities on the community.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
Which of the following is a profitability ratio?
A. Return on Investment (ROI)
B. Debt-Equity Ratio
C. Quick Ratio
D. Current Ratio
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Correct Answer: Option A

Explanation:
Return on Investment (ROI) measures the profitability of the capital employed in the business.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
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