Q59EPFO2015
A firm is purchasing two items, both on credit on the same day. The credit term offered for the first item is 2 1/2/10, 1/20, net 30; and the credit term offered for the second item is 3/5, 2/15, net 30. The declared purchase cost of item 1 is ₹ 60,000 and that of item 2 is ₹ 1,40,000. If both credits can be settled on the 14th day, what will be the total amount to be paid out ?
- A ₹ 1,97,200
- B ₹ 1,97,500
- C ₹ 1,96,600 ✓
- D ₹ 1,98,400
✓ Correct answer: (C)
Commerce & Accountancy › Financial Accounting
Q41EPFO2023
The insurance claim received on account of machinery damaged completely by fire is
- A capital receipt ✓
- B revenue receipt
- C capital expenditure
- D revenue expenditure
✓ Correct answer: (A)
Commerce & Accountancy › Financial Accounting
Q42EPFO2023
According to the Accounting Standard-1, which of the following are the fundamental accounting assumptions?
- A Going Concern, Consistency, Accrual ✓
- B Going Concern, Money Measurement, Conservatism
- C Going Concern, Consistency, Conservatism
- D Going Concern, Accounting Period, Accrual
✓ Correct answer: (A)
Commerce & Accountancy › Financial Accounting