Question # 1

In cost of goods sold statement the total factory cost is equal to

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l cost of material + Labor cost

cost of material consumed + conversion cost

cost of material consumed + total factory cost

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

While making income and expenditure account,excess of income over expenses in a specified accounting is called :

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Profit

Loss

Surplus

Deficit

Bank book is a part of :

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Voucher

General journal

General ledger

trail balance

Word credit is derived from

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latin

english

french

chinese

Which of the following account will be credited ,if business bought goods on credit from Mr.Ali?

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Purchase account

Mr.Ali account

Cash account

Sale account

An asset that is not physical in nature is called ____

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intangible asset

liquid assets

current asset

Accrued expenses are the example of

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Current liability

Long term liability

Capital expenses

Which one of the following is equal to the carrying cost of an asset?

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original cost minus accumulated depreciation

original cost plus accumulated depreciation

original cost minus residual value

Under the reducing balance method of depreciation :

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Amount of depreciation increase every year

Amount of depreciation remains constant for every year

Amount of depreciationdecrease every year

A decrease in value of a fixed asset due to age wear and tear is known as

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depreciation

accumulated depreciation

administrative expenses

operating expenses

Which of the financial statement DO NOT show the financial health of a business at specific date?

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Profit and Loss account

Balane Sheet

Statement of financial position

According to double entry system of accounting,an accounting that obtain benefit is

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Debit

Credit

Income

____ is the detail of transaction in one account provided by the bank

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bank statement

income statement

bank reconciliation statement

The asset which have limited useful life are termed as :

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Limited assets

Depreciation assets

Unlimited assets

None of the given option

The cost of moving planet and machinery to a new site will be treated as:

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Revenue expenses

Capital expenses

Operating expenses

Administrative expenses

All the cost incurred on the incomplete assets up to the balance sheet date must be transferred to:

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Capital account

Capital work in progress

Relevant asset account

Assets total Rs 50,000 and liability total rs 10,000 ,What is the equity of the business?

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40000

60000

30000

10000

The product that are ready for sale are known as

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raw material

work in process

finished in goods

closing stock

Accrued expenses are the example of

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Current liabilities

Long term liabilities

Capital expenses

Cost incurred for the maintenance of the shop is considered as

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Deferred expense

Capital expenses

Revenue expenses

Preliminary expenses

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