Question # 1

Hypothetical cost which are specially computed outside the accounting system for the purpose of decision making is called

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Future cost

Replacement cost

Imputed cost

Sunk cost

Accounting is the

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Art

Science

Both

None

Any written evidence of a business transaction is known as

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Voucher

Pay-in-slip

Debit note

Credit note

Provision of doubtful debts are also known as:

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Allowances for uncollectable

Allowances for collectable

Bad debts

None

Doubtful debts are shown on:

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Profit side of statement of profit and loss

Liabilities side of balance sheet

Asset side of balance sheet

Not shown anywhere

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

Bin card is maintained by

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Purchase manager

Sales manager

Store keeper

Finance manager

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

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Premium

Increase

Expense

Concession

Which one is not a functional classification?

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Manufacturing cost

Marketing cost

Finance cost

Mixed cost

Cost which is calculated before manufacture operation is called

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Sunk cost

Mixed cost

Standard cost

None of above

What are accrued expenses?

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The expenses that have been incurred during current year and paid till the end of current year

The expenses that have been incurred previous year and paid in the current year

The expenses that have been incurred during current year and not paid till the end of current year

The expenses that have been incurred previous year and not paid till the end of current year

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