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21. Raw materials that are remaining at the end of the reporting period are treated as
(A) liabilities
(B) expenses
(C) fixed assets
(D) current assets

22. The goods that have been sold to the customers are treated as _____ in the financial statements.
(A) inventories
(B) expenses
(C) income
(D) debt

23. The goods that have not been sold to the customers till the end of the reporting period are considered as
(A) inventories
(B) expenses
(C) sales
(D) purchases

24. The selling price of some goods is $1500 and cost to sell the goods is $200. What is the Net Realizable Value (NRV)?
(A) $1000
(B) $1200
(C) $1300
(D) $1500

25. The selling price of some under-process goods is $1500, cost to finally produce the goods is $300, and cost to sell the goods is $200. What is the Net Realizable Value (NRV)?
(A) $1000
(B) $1200
(C) $1300
(D) $1500

ANSWERS: NTS ACCOUNTING MCQS
21. (D) current assets
22. (B) expenses
23. (A) inventories
24. (C) $1300
25. (A) $1000

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