In the Trading Account, 'Wages' paid for production are: MCQ with Answer and Explanation

Question
In the Trading Account, 'Wages' paid for production are:
A. Credited
B. Debited
C. Shown as liability
D. Not included
Answer: Option B
Solution (By JKSSB Mock Tests)
Wages are direct expenses, debited to Trading Account.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Request complete Subject PDF

Discuss this Question (0)

No comments yet. Be the first to start the discussion!

Practice More Accountancy and Book Keeping Questions

Question #1
When preparing a BRS starting with an overdraft as per the Pass Book, checks deposited but not yet cleared should be:
A. Ignored
B. Deducted
C. Added
D. Divided
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option C

Explanation:
Deposited checks lower the Cash Book overdraft. To make the Pass Book overdraft match the lower Cash Book overdraft, the amount must be added (reducing the negative balance).
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #2
Which document is prepared to inform the supplier that his account has been debited due to purchase returns?
A. Invoice
B. Debit Note
C. Credit Note
D. Cash Memo
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option B

Explanation:
A debit note is sent to the supplier indicating that their account has been debited (reduced) in our books due to returned goods.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Question #3
The 'Advance Tax' payment schedule for a non-corporate assessee is:
A. 15th June, 15th September, 15th December, 15th March
B. 31st March only
C. 15th March only
D. 15th September, 15th December, 15th March
Discuss
Get Complete Subject PDF for Accountancy and Statistics

Correct Answer: Option A

Explanation:
For non-corporate taxpayers, advance tax is due in four instalments: 15th June (15%), Sept (45%), Dec (75%), March (100%) of tax due.
This question belongs to: Accountancy and Statistics Accountancy and Book Keeping
Explore All Accountancy and Book Keeping MCQs
Today's Top Topics
Accountancy and Book Keeping 1861 Statistics 1318
Explore Subjects
Accountancy and Statistics 3179 Economy GK 2220 English 15164 Computer 5279 Current Affairs 575
Practice Mix
Which of the following is an indirect tax in India?
The valve between the left atrium and left ventricle is the:
A person faces north. He turns 45° left, then 90° right, then 45° left. Which direction is he facing?
Under the Income Tax Act, the 'TDS' on the sale of an immovable property (other than agricultural land) by a resident is governed by which section, and what is the rate?
In 'Piecemeal Distribution' during dissolution, the first priority for payment of outside liabilities is: