Question # 1

Which one is not a functional classification?

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Manufacturing cost

Marketing cost

Finance cost

Mixed cost

Dishonor of the bill occurs when:

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The drawer refuse to pay

The acceptor refuses to meet the bill on due date

The endorsee accepts to meet the bill

None

Offsetting expenses against revenue is the concept of:

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Realization

Dual aspect

Matching

Conventions

Deferred liabilities are debts which are repayable less than ----------

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One month

Six month

One year

None

Accounts which are related with properties are known as

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Real accounts

Nominal accounts

Property accounts

A and C are correct Accounting principles:

Historical cost which is irrecoverable in a given situation is called

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Imputed cost

Standard cost

Opportunity cost

Sunk cost

How many types of inventories are in cost of goods sold statement?

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1

2

3

4

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

How many branches are there in accounting?

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1

3

2

4

What are bad debts?

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Debts which are irrecoverable from the debtors

Debts which are recoverable from the debtors

Debts which are irrecoverable from the creditors

Debts which are recoverable from the creditors

Excess of assets over liabilities is known as:

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Capital fund

Accumulated fund

Surplus fund

All options are correct

Which one is not include in factory overhead?

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Power hear & light

Indirect labour cost

Depreciation of plant

Salary of accountant

Assets which have to no market value are called

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Fictitious assets

Liquid assets

Intangible assets

Real assets

Cost goods sold is Rs. 1650, gross profit ratio is 17.5% then sales is

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1800

1900

2000

2200

Debentures are

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Fixed assets

Fixed liabilities

Capital

Prepaid expenses

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