Question # 1

How many branches are there in accounting?

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1

3

2

4

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

Profit will be lower where prices are rising under

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FIFO method

LIFO method

Weighted average method

All of the above

The cost of holding the stock in storage is called

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Ordering cost

Material cost

Caring cost

All of the above

Trading account shows ----------- result.

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Net

Gross

Profit

Loss

Name the main accounts which are prepared in accounting?

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Assets, liabilities, income and expenses

Assets, liabilities, income and revenue

Assets, owner's equity, income and expenses

Assets, liabilities and expenses

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

The price at which assets will be sold at the end of its useful life is known as:

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Scrap value

Residual value

Written down value

All of the above

Offsetting expenses against revenue is the concept of:

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Realization

Dual aspect

Matching

Conventions

The ------------- includes a control account entitled general ledger that shows is equity of the general office in the factory.

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General ledger

Head office ledger

Factory ledger

None of these

A--------------- is an account in which those transaction are entered which cannot be placed to their accounts

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Nominal account

Suspense account

Personal account

Debtor account

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.

Which one is not a functional classification?

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Manufacturing cost

Marketing cost

Finance cost

Mixed cost

Under perpetual inventory system stock taking is under taken at the

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Start of the accounting year

End of the accounting

Regular bases

None of above

Depreciation expenditure is a

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Fixed cost

Variable cost

Semi-variable cost

Step fixed cost

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