Question # 1

Bin card is maintained by

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Purchase manager

Sales manager

Store keeper

Finance manager

Purchase Requisition is sent to

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Accounts department

Purchase department

Finance department

None of above

Historical cost which is irrecoverable in a given situation is called

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Imputed cost

Standard cost

Opportunity cost

Sunk cost

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

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Net

Gross

Profit

Loss

In operating expense includes

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Marketing expense

Admin expense

Selling expense

All of the above

Endorsement is made:

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For settlement of debts

For settlement of income

For settlement of profit

None

The cost flow must match the

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Output

Outflow

Inflow

Workflow

The cost of holding the stock in storage is called

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Ordering cost

Material cost

Caring cost

All of the above

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

Which one is not accounting convention?

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Materiality

Full disclosure

Consistency

Going concern

The cost flow must watch the

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Output

Outflow

Inflow

Workflow

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

Accounting is the

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Art

Science

Both

None

In payroll include the remunerations of

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Direct labour

Indirect labour

Both a & b

None of the above

Which one is not a classification according to the accounting period?

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Capital expenditure

Revenue expenditure

Product cost

Administrative cost

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