Question # 1

An estimate of the income and expenses needed to carry out business plans for a fiscal year is known as :

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Budgeting

costing

Management

Auditing

The basic purpose of depreciation is to achieve the :

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matching principle

Dual aspect principle

separate entity concept

An asset that is not physical in nature is called ____

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intangible asset

liquid assets

current asset

Cost incurred for the maintenance of shop in considered as

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revenue expenses

capital expenses

deferred expenses

Depreciation arises because

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fall in market value of an asset

fall in the value of money

physical wear and tear

all of the above

The favourable balance of profit and loss account should be:

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added in liabilities

subtracted from current assets

Subtracted from liabilities

added in capital

Which of the following is the example of direct material cost?

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Polish and finish material for chair

A piece of wood for the production of wood

Production worker wages

Depreciation expenses

Accrued expenses are the example of

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Current liabilities

Long term liabilities

Capital expenses

The basic purpose of depreciation is to achieve the

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Matching principle

Dual aspect principle

Separate entity concept

Money measurement concept

The stock of manufacturing concern consists of

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work in process inventory

raw material inventory

finished goods inventory

all of the given option

Firms chargers depreciation each year :

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To ensure there is enough money in the firm to replace the asset

To spread the cost of the asset over its working life

Because the law state must be reduced

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