Question # 1

The cost flow must watch the

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Output

Outflow

Inflow

Workflow

Endorsement is made:

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For settlement of debts

For settlement of income

For settlement of profit

None

Which one is not a functional classification?

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Manufacturing cost

Marketing cost

Finance cost

Mixed cost

From the following statements which one is not true about over applied F.o.H

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Less from cost of goods sold at normal

Less from entire production if required

Add in gross profit if required

Less from Net profit.

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

Office salaries are include in

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Direct material cost

Indirect material cost

Factory overhead cost

Total payroll

Depreciation expenditure is a

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Fixed cost

Variable cost

Semi-variable cost

Step fixed cost

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

What are bad debts?

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Debts which are irrecoverable from the debtors

Debts which are recoverable from the debtors

Debts which are irrecoverable from the creditors

Debts which are recoverable from the creditors

A cost whose magnitude will be affected by decision being made is called

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Historical cost

Relevant cost

Irrelevant cost

Sunk cost

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

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Premium

Increase

Expense

Concession

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

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 accounting period?

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It is a time for which business prepares its financial statements

It is time for which business prepares its profit and loss statement

It is a time for which business prepares its balance sheet

None

In payroll include the remunerations of

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Direct labour

Indirect labour

Both a & b

None of the above

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

How many of grace are given?

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5

4

3

2

A--------------- is an account in which those transaction are entered which cannot be placed to their accounts

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Nominal account

Suspense account

Personal account

Debtor account

Under perpetual inventory system stock taking is under taken at the

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Start of the accounting year

End of the accounting

Regular bases

None of above

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

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