Question # 1

Which one is not include in factory overhead?

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Power hear & light

Indirect labour cost

Depreciation of plant

Salary of accountant

Any written evidence of a business transaction is known as

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Voucher

Pay-in-slip

Debit note

Credit note

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

Offsetting expenses against revenue is the concept of:

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Realization

Dual aspect

Matching

Conventions

A property which is received by virtue of a will of a person after his death is known as

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Legacy

Donation

Subscription

Gift

The bills which are drawn and accepted against the sale and purchase of goods on credits are called

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Trade bills

Bill of exchange

In-land bills

Foreign bills

Profit will be lower where prices are rising under

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FIFO method

LIFO method

Weighted average method

All of the 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

A person is said to be insolvent when his

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Assets are sufficient

Assets are enough to pay his liabilities

Assets are not enough to pay his liabilities

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

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

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Intangible asset

Fixed asset

Current asset

Quick asset

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

Rebate is the --------- in the amount of bill paid

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Premium

Increase

Expense

Concession

Debentures are

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Fixed assets

Fixed liabilities

Capital

Prepaid expenses

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

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Net

Gross

Profit

Loss

The cost flow must match the

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Output

Outflow

Inflow

Workflow

In payroll include the remunerations of

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Direct labour

Indirect labour

Both a & b

None of the above

Outstanding expenses are also known as

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Prepared expenses

Accrued expenses

Un-earned income

None

Historical cost which is irrecoverable in a given situation is called

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Imputed cost

Standard cost

Opportunity cost

Sunk cost

If spoiled goods are considered a normal part of production process than debit to

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Work in process

General expense

F.o.H control

None of above

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