Question # 1

Loss which arises due to ----------- is known as abnormal loss

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Breakage of goods

Leakage

Fire

Shrinkage

Realisation concept is the concept in which revenue is ------------ at the time when goods are sold or services rendered.

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Recognized

Not recognized

Paid

Received

Which one is non-manufacturing costs?

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Direct material cost

Labour cost

Research and development cost

All of 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

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

Debentures are

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Fixed assets

Fixed liabilities

Capital

Prepaid expenses

Compound entry is an entry in which:

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More than one account is debited

More than one account is credited

Both a and b are correct

None of the 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

Material are charged to production at actual cost under

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Weighted average method

FIFO method

LIFO method

Both ii & iii

How many branches are there in accounting?

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1

3

2

4

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

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

Cost which is calculated before manufacture operation is called

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Sunk cost

Mixed cost

Standard cost

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

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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