Question # 1

A person is said to be insolvent when his

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Assets are sufficient

Assets are enough to pay his liabilities

Assets are not enough to pay his liabilities

None

How many types of bank accounts are there?

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4

3

5

6

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

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

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Shorter

Greater

Medium

None of above

Depreciation expenditure is a

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Fixed cost

Variable cost

Semi-variable cost

Step fixed cost

From the following statements which one is not true about over applied F.o.H

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Less from cost of goods sold at normal

Less from entire production if required

Add in gross profit if required

Less from Net profit.

Doubtful debt are:

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Definite loss to the business

Definite profit to the business

Expected loss to the business

Expected profit to the business

The objective of financial accounting is to ascertain:

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True results of profit

True results of loss

True results of profit or loss

None

Statement of a affairs is a sort of -----------

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Profit and loss statement

Nominal account

Statement of changes in equity

Balance sheet

Any written evidence of a business transaction is known as

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Voucher

Pay-in-slip

Debit note

Credit note

Difference in cost of alternative choices is called

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Total costing

Differential costing

Full costing

Variable costing

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