Question # 1

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:

Doubtful debts are shown on:

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Profit side of statement of profit and loss

Liabilities side of balance sheet

Asset side of balance sheet

Not shown anywhere

Difference in cost of alternative choices is called

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Total costing

Differential costing

Full costing

Variable costing

Trading account shows ----------- result.

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Net

Gross

Profit

Loss

The technique and process of ascertaining cost is termed as

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Costing

Cost accounting

Calculation of cost

Controlling cost

The primary object of non-profit organizations is

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Not to earn profit

Work for the welfare of society

Buy/sell goods

A and B but not C

The primary objective of cost accounting is to

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Control cost

Calculate profit

Avoid cost

All of above

Office salaries are include in

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Direct material cost

Indirect material cost

Factory overhead cost

Total payroll

Which one is not include in factory overhead?

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Power hear & light

Indirect labour cost

Depreciation of plant

Salary of accountant

Lead time is the time between the time on item reaches --------------- and ---------- of

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Order level, dispatch of material

Order level, maximum level

Maximum level, minimum level

Order level, actual receipt

Assets which have to no market value are called

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Fictitious assets

Liquid assets

Intangible assets

Real assets

The objective of financial accounting is to ascertain:

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True results of profit

True results of loss

True results of profit or loss

None

Statement of a affairs is a sort of -----------

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Profit and loss statement

Nominal account

Statement of changes in equity

Balance sheet

In operating expense includes

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Marketing expense

Admin expense

Selling expense

All of the above

Accounting is the

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Art

Science

Both

None

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 cost flow must match the

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Output

Outflow

Inflow

Workflow

Bin card is maintained by

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Purchase manager

Sales manager

Store keeper

Finance manager

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

If spoiled good are considered as abnormal part of production process then debited to

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Work in process

General expense

F-o-H control

None of above

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

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