Question # 1

Quick assets are

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Cash in hand

Cash at bank

Debtors

All of the above

Excess of assets over liabilities is known as:

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Capital fund

Accumulated fund

Surplus fund

All options are correct

Variable cost and fixed cost have been treated as product cost in

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Absorption costing

Direct costing

Full costing

All of above

Depreciation is a loss due to wear and tear of an asset.

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Correct

Incorrent

May be

None

Offsetting expenses against revenue is the concept of:

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Realization

Dual aspect

Matching

Conventions

The primary objective of cost accounting is to

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Control cost

Calculate profit

Avoid cost

All of above

In job order costing system, each job is assigned a job cost

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Unit

Center

Driver

Sheet

Treble column cash book has three columns of:

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Cash, bank and discount

Income, expense and bank

Cash, bank and profit or loss

None

Compound entry is an entry in which:

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More than one account is debited

More than one account is credited

Both a and b are correct

None of the above

The stages of accounting cycle are

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Transaction-ledger-journal-trial balance-final accounts

Transaction-journal-ledger-trial balance-final accounts

Transaction-journal-trial balance-ledger-final accounts

Transaction-journal-ledger-final accounts-trial balance

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

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