Friday, 7 February 2020

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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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