Question # 1

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

Sales prices is calculated as follow:-

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Cost + operating expense

Direct material + Direct labour + F.o.H

Cost + operating expenses + profit

None of above

Bin card is maintained by

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Purchase manager

Sales manager

Store keeper

Finance manager

According to possible for an event or transaction which is not measurable in terms of money

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True

False

May be

None

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

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Unit

Center

Driver

Sheet

How many branches are there in accounting?

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1

3

2

4

The cost flow must watch the

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Output

Outflow

Inflow

Workflow

Which one is not include in factory overhead?

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Power hear & light

Indirect labour cost

Depreciation of plant

Salary of accountant

The price at which assets will be sold at the end of its useful life is known as:

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Scrap value

Residual value

Written down value

All of the above

The technique and process of ascertaining cost is termed as

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Costing

Cost accounting

Calculation of cost

Controlling cost

A credit purchases are:

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If goods purchased and payment made at the same time

If goods purchased and payment not made at the same time

If goods sold and payment receive at the same time

If goods sold and payment not receive at the same time

Spoiled goods cannot be

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Sold without repairing

Repair and sold as damaged goods

Both A and B

None of above

Manufacturing concern cycle is ---------- than trading concern cycle:

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Shorter

Greater

Medium

None of above

Which one of the following is not a negotiable instrument?

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Cheque

Promissory note

Bill of exchange

None of the 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

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

Cost which cannot be conveniently identified with individual cost unit is called

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Direct material cost

Indirect material cost

Indirect labour cost

Caring cost

Profit will be lower where prices are rising under

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FIFO method

LIFO method

Weighted average method

All of the above

How many types of bank accounts are there?

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4

3

5

6

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 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

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