Question # 1

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

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Net

Gross

Profit

Loss

Difference in cost of alternative choices is called

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Total costing

Differential costing

Full costing

Variable costing

Office salaries are include in

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Direct material cost

Indirect material cost

Factory overhead cost

Total payroll

During period of rising material prices, ----------- method results in profit inflation

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LIFO

FIFO

Weighted average

All of the above

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

How many branches are there in accounting?

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1

3

2

4

Purchase Requisition is sent to

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Accounts department

Purchase department

Finance department

None of above

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

Historical cost which is irrecoverable in a given situation is called

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Imputed cost

Standard cost

Opportunity cost

Sunk cost

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

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

Goodwill is ----------- for company.

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Intangible asset

Fixed asset

Current asset

Quick asset

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

Material are charged to production at actual cost under

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Weighted average method

FIFO method

LIFO method

Both ii & iii

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

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