FINANCE AND ACCOUNTING QUIZ/ MCQS # 19

Any transaction between a current account and another current account does not
Affect_____________.

All those liabilities which are payable in cash in the normal course of business within a period of one
year are called _________.

All those assets which are converted into cash in the normal course of business within one year are
known as___________.

The indicates the number of times the payables rotate in a year is _________.

Creditors turnover ratio is also called ________________.

Debtors turnover ratio is also called___________________.

Which ratio measures the number of times the receivables are rotated in a year in terms of sales?

Opening stock + purchases + direct expenses – closing stock = ___________

Sales – Gross Profit = _______________________.

A company creates sale for  Rs. 1,000 on 20th June and  for Rs. 2,000 on 30th June. Company prepared financial statement on 30th June. Company received Rs: 1,100 on 27th June and Rs: 1,900 on 05th July. Total sales for the financial year  will be: