Question # 1

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

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One month

Six month

One year

None

In payroll include the remunerations of

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Direct labour

Indirect labour

Both a & b

None of the above

Compound entry is an entry in which:

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More than one account is debited

More than one account is credited

Both a and b are correct

None of the above

Treble column cash book has three columns of:

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Cash, bank and discount

Income, expense and bank

Cash, bank and profit or loss

None

Any written evidence of a business transaction is known as

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Voucher

Pay-in-slip

Debit note

Credit note

Office salaries are include in

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Direct material cost

Indirect material cost

Factory overhead cost

Total payroll

Spoiled goods cannot be

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Sold without repairing

Repair and sold as damaged goods

Both A and B

None of above

The bills which are drawn and accepted against the sale and purchase of goods on credits are called

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Trade bills

Bill of exchange

In-land bills

Foreign bills

The cost flow must watch the

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Output

Outflow

Inflow

Workflow

Sales prices is calculated as follow:-

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Cost + operating expense

Direct material + Direct labour + F.o.H

Cost + operating expenses + profit

None of above

Material are charged to production at actual cost under

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Weighted average method

FIFO method

LIFO method

Both ii & iii

Which ratio tells how many times in a year stock is used up and replaced?

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Gross profit ratio

Net profit ratio

Cost ratio

None of these

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

Which one is not accounting convention?

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Materiality

Full disclosure

Consistency

Going concern

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

Lead time is the time between the time on item reaches --------------- and ---------- of

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Order level, dispatch of material

Order level, maximum level

Maximum level, minimum level

Order level, actual receipt

The technique and process of ascertaining cost is termed as

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Costing

Cost accounting

Calculation of cost

Controlling cost

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

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Shorter

Greater

Medium

None of above

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

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Net

Gross

Profit

Loss

During period of rising material prices, ----------- method results in profit inflation

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LIFO

FIFO

Weighted average

All of the above

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