Select the correct option to test your answer:
Commerce
Accounting
Difficulty: Medium
What items of inventories are outside the scope of AS-2? 1. Work-in-progress arising under construction contracts. 2. Raw materials including maintenance supplies. 3. Share, debentures held as stock-in-trade. 4. Machinery spares exclusively used with fixed assets. Select the correct answer:
More Commerce Questions
List out from the given statements the important ethical principles that a business should follow: 1. To take the necessary action for the development of the concerned industry or business. 2. Pay taxes and discharge other obligations promptly. 3. To ensure the best utilisation of the human resources. 4. Refrain from secret kickbacks or pay-offs to customers, suppliers, administrators, etc. 5. Ensure payment of fair wages and fair treatment of employees. Choose the correct answer from the options given below:
While drawing a scatter diagram if all the points appear to form a straight line going downward from left to right, then it is inferred that there is a
Involved in commerce
X is an individual. For the assessment year 2012-13 his gross total income is Rs. 3,40,000. Tax on it is Rs. 16,480. To reduce his tax liability, he deposits Rs. 50,000 in public provident fund account. Consequently, his taxable income and tax liability will be reduced to Rs. 1,10,000 and Rs. 11,330 respectively.
"Which of the following statements is/are correct? 1. A materials requisition note is used to record the issue of direct material to a specific job. 2. A typical job cost will contain actual costs for material, labour and production overheads, and non –production overheads are often added as a percentage of total production cost. 3. The job costing method can be applied in costing batches"