alleryStart learning →Cost of goods sold represents the
ACarrying value of goods sold
BValue of goods lying unsold
CTotal of all period expenses
DSelling price of goods sold
Answer & Solution
Correct answer: A. Carrying value of goods sold
It is the cost carried in the books for the goods that were sold during the period.
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Net income is also calledCharging depreciation on fixed assets has what effect on net profit?Rs 36,000 rent for 12 months is received on 1 January. At the 31 March year end, unearned Investment interest of Rs 12,000 a year is received for nine months only. Accrued income aMachine costing Rs 2,00,000 is bought on 1 October; depreciation 15% a year on cost, year Current assets are Rs 4,80,000 and current liabilities Rs 3,10,000. Net current assets arePurchases Rs 4,00,000, purchase returns Rs 25,000, carriage inwards Rs 5,000. Net cost of Gross sales Rs 6,40,000 and sales returns Rs 15,000. Net sales are