Question # 1

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

What are accrued expenses?

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The expenses that have been incurred during current year and paid till the end of current year

The expenses that have been incurred previous year and paid in the current year

The expenses that have been incurred during current year and not paid till the end of current year

The expenses that have been incurred previous year and not paid till the end of current year

Offsetting expenses against revenue is the concept of:

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Realization

Dual aspect

Matching

Conventions

The technique and process of ascertaining cost is termed as

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Costing

Cost accounting

Calculation of cost

Controlling cost

Depreciation expenditure is a

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Fixed cost

Variable cost

Semi-variable cost

Step fixed 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

Per Unit cost is calculated by dividing the cost of goods sold by

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The number of units sold

The number of units purchase

The number of units manufactured

All of the above

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

Name the main accounts which are prepared in accounting?

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Assets, liabilities, income and expenses

Assets, liabilities, income and revenue

Assets, owner's equity, income and expenses

Assets, liabilities and expenses

Office salaries are include in

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Direct material cost

Indirect material cost

Factory overhead cost

Total payroll

How many of grace are given?

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5

4

3

2

Accounting is the

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Art

Science

Both

None

Spoiled goods cannot be

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Sold without repairing

Repair and sold as damaged goods

Both A and B

None of above

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

Provision of doubtful debts are also known as:

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Allowances for uncollectable

Allowances for collectable

Bad debts

None

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