Question # 1

The technique and process of ascertaining cost is termed as

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Costing

Cost accounting

Calculation of cost

Controlling cost

Which one is not accounting convention?

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Materiality

Full disclosure

Consistency

Going concern

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

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

Offsetting expenses against revenue is the concept of:

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Realization

Dual aspect

Matching

Conventions

Costs whose consumption may be identified with specific production units in called

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Direct labour cost

Indirect labour cost

Direct material cost

Indirect material cost

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

Depreciation expenditure is a

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Fixed cost

Variable cost

Semi-variable cost

Step fixed cost

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

Quick assets are

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Cash in hand

Cash at bank

Debtors

All of the above

Deferred liabilities are debts which are repayable less than ----------

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One month

Six month

One year

None

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

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

How many of grace are given?

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5

4

3

2

The primary objective of cost accounting is to

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Control cost

Calculate profit

Avoid cost

All of above

Accounting is the

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Art

Science

Both

None

Tenor is the period of time ------------ which a bill becomes payable

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Before

After

Both a and b

None

In operating expense includes

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Marketing expense

Admin expense

Selling expense

All of the above

Cash or goods taken away by owner for personal use from business are known as:

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Capital

Drawings

Revenue

Expense

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

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