Question # 1

Purchase Requisition is sent to

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Accounts department

Purchase department

Finance department

None of above

Cost which is calculated before manufacture operation is called

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Sunk cost

Mixed cost

Standard cost

None of above

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

Assets which have to no market value are called

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Fictitious assets

Liquid assets

Intangible assets

Real assets

Material are charged to production at actual cost under

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Weighted average method

FIFO method

LIFO method

Both ii & iii

Manufacturing concern cycle is ---------- than trading concern cycle:

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Shorter

Greater

Medium

None of above

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

Which one is not accounting convention?

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Materiality

Full disclosure

Consistency

Going concern

Any written evidence of a business transaction is known as

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Voucher

Pay-in-slip

Debit note

Credit note

How many types of bank accounts are there?

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4

3

5

6

Cost goods sold is Rs. 1650, gross profit ratio is 17.5% then sales is

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1800

1900

2000

2200

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

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

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

Deferred liabilities are debts which are repayable less than ----------

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One month

Six month

One year

None

If applied factory overhead is less than actual factory overhead, it is called

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Applied F.o.H

Over applied F.o.H

Under-applied F.o.H

None of above

Outstanding expenses are also known as

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Prepared expenses

Accrued expenses

Un-earned income

None

Excess of assets over liabilities is known as:

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Capital fund

Accumulated fund

Surplus fund

All options are correct

The stages of accounting cycle are

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Transaction-ledger-journal-trial balance-final accounts

Transaction-journal-ledger-trial balance-final accounts

Transaction-journal-trial balance-ledger-final accounts

Transaction-journal-ledger-final accounts-trial balance

Profit will be lower where prices are rising under

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FIFO method

LIFO method

Weighted average method

All of the 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

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