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# MCQ - Inventories CA Foundation Notes | EduRev

## CA Foundation : MCQ - Inventories CA Foundation Notes | EduRev

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Section A Fundamentals of Accountancy ,Chapter 4
CA (Dr.) Akash Gupta
FCA, M.COM, PHD
Page 2

Section A Fundamentals of Accountancy ,Chapter 4
CA (Dr.) Akash Gupta
FCA, M.COM, PHD
MCQ’s
Page 3

Section A Fundamentals of Accountancy ,Chapter 4
CA (Dr.) Akash Gupta
FCA, M.COM, PHD
MCQ’s
If Cost of goods sold is Rs. 80,700,
Opening stock Rs.5,800 Closing stock
Rs.6,000 then amount of purchase will be-
• (a) Rs.80,500
• (b) Rs.74,900
• (c) Rs.74,700
• (d) Rs.80,900

Rs.80,900
Page 4

Section A Fundamentals of Accountancy ,Chapter 4
CA (Dr.) Akash Gupta
FCA, M.COM, PHD
MCQ’s
If Cost of goods sold is Rs. 80,700,
Opening stock Rs.5,800 Closing stock
Rs.6,000 then amount of purchase will be-
• (a) Rs.80,500
• (b) Rs.74,900
• (c) Rs.74,700
• (d) Rs.80,900

Rs.80,900
The total cost of goods available for sale with a
company during the current year is
Rs.12,00,000 and the total sales during the
period are  Rs.13,00,000. If the gross profit
margin of the company is 33 1/3% on cost, the
closing inventory during the current year is
• (a) Rs.4,00,000
• (b) Rs. 3,00,000
• (c) Rs.2,25,000
• (d) Rs. 2,60,000.
2,25,000
Page 5

Section A Fundamentals of Accountancy ,Chapter 4
CA (Dr.) Akash Gupta
FCA, M.COM, PHD
MCQ’s
If Cost of goods sold is Rs. 80,700,
Opening stock Rs.5,800 Closing stock
Rs.6,000 then amount of purchase will be-
• (a) Rs.80,500
• (b) Rs.74,900
• (c) Rs.74,700
• (d) Rs.80,900

Rs.80,900
The total cost of goods available for sale with a
company during the current year is
Rs.12,00,000 and the total sales during the
period are  Rs.13,00,000. If the gross profit
margin of the company is 33 1/3% on cost, the
closing inventory during the current year is
• (a) Rs.4,00,000
• (b) Rs. 3,00,000
• (c) Rs.2,25,000
• (d) Rs. 2,60,000.
2,25,000
while finalizing the current year’s profit, the company realized that there was an error in the
valuation of closing stock of the previous year. In the previous year, closing stock was valued
more by Rs.50,000. As a result
(a) Previous year’s profit is overstated and current year’s profit is also overstated
(b) Previous year’s profit is understated and current year’s profit is overstated
(c) Previous year’s profit is understated and current year’s profit is also understated
(d) Previous year’s profit is overstated and current year’s profit is understated
Ans. (d) Previous year’s profit is overstated and current year’s profit is understated
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## Fundamentals of Accounting for CA CPT

39 videos|143 docs|85 tests

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