Question # 1

Compound entry affected at least

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Two account

One account

Three account

Four account

Which of these is a fixed asset:

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Cash

Plant

Stock

Prepaid expenses

Net loss is transferred in balance sheet to

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Capital

Losses

Assets

Deferred losses

Preliminary Exp.Incurred for formation of Joint Stock Company represent.

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Capital loss

Capital Exp.

Revenue loss

Deferred Revenue Exp

Accounting is called of business:

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Heart

Ear

Tongue

Eye

The person to whom goods are sold on credit is called

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Seller

Creditor

Debtor

Buyer

Furniture and machinery represent

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Fixed assets

Fictitious assets

Current assets

Intangible assets

Modern system of book keeping is

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Single entry system

Double entry system

Modern system

None of these

Which of the following books is called book of original entry:

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Cash book

Journal

Ledger

Sales book

Carriage paid on goods purchased is a

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Direct expense

Opening expense

Indirect expense

General expense

The purchase of machinery on account would:

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Increase one asset and decrease another asset

Increase an asset and decrease liability

Increase an asset and increase capital

Increase an asset and increase a liability

Which ratio tells how many times in a year stock is used up and replaced?

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Gross profit ratio

Net profit ratio

Cost ratio

None of these

Which one is not a functional classification?

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Manufacturing cost

Marketing cost

Finance cost

Mixed cost

The technique and process of ascertaining cost is termed as

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Costing

Cost accounting

Calculation of cost

Controlling cost

If spoiled goods are considered a normal part of production process than debit to

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Work in process

General expense

F.o.H control

None of above

Material are charged to production at actual cost under

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Weighted average method

FIFO method

LIFO method

Both ii & iii

Excess of assets over liabilities is known as:

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Capital fund

Accumulated fund

Surplus fund

All options are correct

Cost goods sold is Rs. 1650, gross profit ratio is 17.5% then sales is

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1800

1900

2000

2200

Work in process opening and closing inventory includes:-

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Arterial in process

Labour in process

F.o.H in process

All of the above

Sales prices is calculated as follow:-

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Cost + operating expense

Direct material + Direct labour + F.o.H

Cost + operating expenses + profit

None of above

The primary objective of cost accounting is to

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Control cost

Calculate profit

Avoid cost

All of above

What is accumulated depreciation?

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Depreciation expense of the current year

Sum of all depreciations in different accounting year

Depreciations of previous accounting year

None

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