Carriage inwards is charged to the trading account because (A) It is an expense connected with buying
Question:
Carriage inwards is charged to the trading account because
(A) It is an expense connected with buying goods
(B) It should not go in the balance sheet
(C) It is not part of motor expenses
(D) Carriage outwards goes in the profit and loss account.
Fantastic news! We've Found the answer you've been seeking!
Step by Step Answer:
Answer rating: 60% (5 reviews)
The correct answer is A It is an expense connected with buying goods Carriage inwards ref...View the full answer
Answered By
Owino Otieno
My proficiency as a tutor lies in my ability to understand and respond to questions, provide explanations, and offer detailed information on various topics. I can help with academic subjects such as mathematics, science, history, literature, and more. I can also provide assistance with writing, proofreading, and language learning.
I am capable of adapting to different learning styles and can present information in a clear and concise manner. I can break down complex concepts into simpler terms, provide examples and illustrations, and engage in interactive discussions to enhance the learning experience. Additionally, I can offer guidance on problem-solving strategies, critical thinking, and exam preparation.
0.00
0 Reviews
10+ Question Solved
Related Book For
Frank Woods Business Accounting Volume 1
ISBN: 9780273681496
10th Edition
Authors: Frank Wood, Alan Sangster
Question Posted:
Students also viewed these Business questions
-
Emily Jackson (Social Security number 765-12-4326) and James Stewart (Social Security number 466-74-9932) are partners in a partnership that owns and operates a barber shop. The partnership's first...
-
The Crazy Eddie fraud may appear smaller and gentler than the massive billion-dollar frauds exposed in recent times, such as Bernie Madoffs Ponzi scheme, frauds in the subprime mortgage market, the...
-
The following additional information is available for the Dr. Ivan and Irene Incisor family from Chapters 1-5. Ivan's grandfather died and left a portfolio of municipal bonds. In 2012, they pay Ivan...
-
The city of Toledo has received a proposal to build a new multipurpose outdoor sports stadium. The expected life of the stadium is 20 years. It will be financed by a 20- year bond paying 8 percent...
-
The way a debtor accounts for the restructuring depends on the extent of the reduction in cash payments called for by the restructured arrangement. Describe, in general, the accounting procedure for...
-
Tim Hemstreet is a sole practitioner. He advises you, his paralegal, that he is planning to visit a potential client in the hospital who, he read in the newspaper, has been involved in a serious...
-
A local theater company was seeking unpaid interns to be involved in their summer theater productions. The company hired several students from Better Business University to fill these slots. At the...
-
The chief cost accountant for Sassy Beverage Co. estimated that total factory overhead cost for the Blending Department for the coming fiscal year beginning June 1 would be $ 97,500, and total direct...
-
1 Explain briefly about six sigma and capacity maturity models? 2 Explain about the contemporary management practices taking place in Indian business model? 3 4 What is performance management?...
-
Given figures showing: Sales 8,200; Opening stock 1,300; Closing stock 900; Purchases 6,400; Carriage inwards 200, the cost of goods sold figure is (A) 6,800 (B) 6,200 (C) 7,000 (D) Another figure.
-
Which of these best describes fixed assets? (A) Are bought to be used in the business (B) Are items which will not wear out quickly (C) Are expensive items bought for the business (D) Are of long...
-
Theresa is a college professor who wants to work for a consulting firm during the summer. She will be working on special projects relating to professional development programs. What advantages might...
-
Assume that the partnership earns $400 in year X, uses $150 to pay principal on a debt, and distributes the remaining $250. Assume that no state income taxes apply. What is the amount of income,...
-
What changes would you make to the leave of absence policy to make it better? Explain.
-
Consider two firms, Bob Company and Cat Enterprises, both with earnings of $10 per share and 5 million shares outstanding. Cat is a mature company with few growth opportunities and a stock price of...
-
Define and give an example of Offshoring. For full marks you must provide a real life example and a well explained definition.
-
Compare and contrast the historical evolution of the Common Law and Civil Law systems. Be sure to include examples of relevant historical figures, texts, and terminology. How has colonialism impacted...
-
Some firms publicize their corporate mission statements by including them in annual reports, on company letterheads, and in corporate advertising. What, if anything, does this practice say about the...
-
Explain briefly what is meant by electronic data interchange (EDI). How does EDI affect a companys audit trail?
-
As each contract has or will have a unique flow of revenue, it makes sound business sense to know the profit or loss it generates. Hence the use of individual contract accounts. When financial...
-
The financial statements of Arms Ltd are made up to 31 March in each year. Work on a certain contract started on 1 July 20X6 and completed on 31 January 20X8. The total contract price was 360,000,...
-
The following information has been extracted from the draft financial information of V Ltd: (a) You are required to prepare a cash flow statement for V Ltd for the year ended 31 December 20X3 in...
-
Must try this! Direction: Activity- Kindly give 10 lists of physical activities or sports activities that you wanted to do in a safe area, recommended by IATF to prevent Covid 19. Identify the effort...
-
Conflict is inevitable when people come together in a personal or work setting. It is not a matter of if the conflict will arise, but rather when it will occur. Throughout this course, you have...
-
Use python code to (a) make the 30 x 30-matrix A = [a] defined by the property aij = { 0 if ij 1 if i
Study smarter with the SolutionInn App