Question # 1

What is amortization?

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Decrease in the value of fixed assets

Decrease in the value of intangible assets

Increase in the value of fixed assets

Increase in the value of intangible assets

In bill of exchange, the party who accepts a bill is known as:

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Drawer

Drawee

Payee

Third party

Profit will be lower where prices are rising under

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FIFO method

LIFO method

Weighted average method

All of the above

Work in process opening and closing inventory includes:-

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Arterial in process

Labour in process

F.o.H in process

All of the above

Material are charged to production at actual cost under

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Weighted average method

FIFO method

LIFO method

Both ii & iii

Good received note is prepared by

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Purchase department

Sales department

Receiving department

All of the above

Cost which cannot be conveniently identified with individual cost unit is called

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Direct material cost

Indirect material cost

Indirect labour cost

Caring cost

The technique and process of ascertaining cost is termed as

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Costing

Cost accounting

Calculation of cost

Controlling cost

Realisation concept is the concept in which revenue is ------------ at the time when goods are sold or services rendered.

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Recognized

Not recognized

Paid

Received

Section of the business to which cost can be charged is termed as

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Cost driver

Cost center

Cost unit

All of above

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

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Intangible asset

Fixed asset

Current asset

Quick asset

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