MCQ - Inventories CA Foundation Notes | EduRev

Principles and Practice of Accounting

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CA Foundation : MCQ - Inventories CA Foundation Notes | EduRev

 Page 1


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 
 
Answer. (d) 
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 
 
Answer. (d) 
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. 
Answer. (c) Rs. 
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 
 
Answer. (d) 
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. 
Answer. (c) Rs. 
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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