Which of the following is shown on the credit side of Trading Account? MCQ with Answer and Explanation

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Which of the following is shown on the credit side of Trading Account?

A. Opening stock

B. Wages

C. Sales

D. Purchases

Answer: Option C

Solution (By JKSSB Mock Tests)

Sales (net) appears on the credit side of Trading Account. Opening stock, purchases, wages appear on debit side.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

Which concept attempts to measure the cost and benefits of a firm's activities to the society?

A. Human Resource Accounting

B. Forensic Accounting

C. Corporate Social Responsibility (CSR) Accounting

D. Inflation Accounting

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Correct Answer: Option C

Explanation:
CSR/Social accounting at the micro level identifies and measures the net social contribution of a business organization.

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Question #2

The 'Fund-based Accounting' is used by:

A. Sole traders

B. Partnership firms

C. Non-profit organizations and government entities

D. Companies

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Correct Answer: Option C

Explanation:
Fund-based accounting tracks resources for specific purposes, common in NPOs and government.

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Question #3

The 'Financial Instruments' (Ind AS 109) classify financial assets into:

A. Only HTM and trading

B. Amortised cost, Fair value through OCI, Fair value through P&L

C. Only equity

D. Only loans and receivables

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Correct Answer: Option B

Explanation:
Ind AS 109 classification is based on business model and contractual cash flows.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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