Business Administration (M.Sc)

Q: which of the following is ascertained by drawing up an incomeand expenditure account

(a) :  Cash in hand
(b) :  Surplus or Deficiency
(c) :  Capital Fund
(d) :  All of these
(e) :  none
Answer:  Surplus or Deficiency
Explanation:  

Q: Which of the following is not an acceptable inventory method?

(a) :  Lower of cost or market
(b) :  Sales value
(c) :  Specific identification
(d) :  All of these
(e) :  none
Answer:  Sales value
Explanation:  

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