Question # 1

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

In bill of exchange, the party who accepts a bill is known as:

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Drawer

Drawee

Payee

Third party

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

Assets which have to no market value are called

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Fictitious assets

Liquid assets

Intangible assets

Real assets

Accounting is the

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Art

Science

Both

None

Which one is non-manufacturing costs?

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Direct material cost

Labour cost

Research and development cost

All of above

Dishonor of the bill occurs when:

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The drawer refuse to pay

The acceptor refuses to meet the bill on due date

The endorsee accepts to meet the bill

None

Rebate is the --------- in the amount of bill paid

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Premium

Increase

Expense

Concession

The bills which are drawn and accepted against the sale and purchase of goods on credits are called

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Trade bills

Bill of exchange

In-land bills

Foreign bills

Endorsement is made:

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For settlement of debts

For settlement of income

For settlement of profit

None

Doubtful debt are:

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Definite loss to the business

Definite profit to the business

Expected loss to the business

Expected profit to the business

The primary objective of cost accounting is to

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Control cost

Calculate profit

Avoid cost

All of above

The ------------- includes a control account entitled general ledger that shows is equity of the general office in the factory.

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General ledger

Head office ledger

Factory ledger

None of these

How many types of inventories are in cost of goods sold statement?

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1

2

3

4

Loss which arises due to ----------- is known as abnormal loss

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Breakage of goods

Leakage

Fire

Shrinkage

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