Question # 1

Good received note is prepared by

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Purchase department

Sales department

Receiving department

All of the above

Realisation concept is the concept in which revenue is ------------ at the time when goods are sold or services rendered.

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Recognized

Not recognized

Paid

Received

Section of the business to which cost can be charged is termed as

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Cost driver

Cost center

Cost unit

All of above

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

What is negotiable instrument?

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A document which is not transferable

A document which is transferable

A document which is accepted

None

Material are charged to production at actual cost under

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Weighted average method

FIFO method

LIFO method

Both ii & iii

Offsetting expenses against revenue is the concept of:

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Realization

Dual aspect

Matching

Conventions

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

Depreciation expenditure is a

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Fixed cost

Variable cost

Semi-variable cost

Step fixed cost

Accounts which are related with properties are known as

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Real accounts

Nominal accounts

Property accounts

A and C are correct Accounting principles:

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

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