Question # 1

A property which is received by virtue of a will of a person after his death is known as

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Legacy

Donation

Subscription

Gift

If spoiled good are considered as abnormal part of production process then debited to

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Work in process

General expense

F-o-H control

None of above

Per Unit cost is calculated by dividing the cost of goods sold by

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The number of units sold

The number of units purchase

The number of units manufactured

All of the above

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

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

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

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

Historical cost which is irrecoverable in a given situation is called

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Imputed cost

Standard cost

Opportunity cost

Sunk cost

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

Outstanding expenses are also known as

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Prepared expenses

Accrued expenses

Un-earned income

None

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

Which one is not a classification according to the accounting period?

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Capital expenditure

Revenue expenditure

Product cost

Administrative cost

Cost which is calculated before manufacture operation is called

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Sunk cost

Mixed cost

Standard cost

None of above

Accounting is the

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Art

Science

Both

None

If applied factory overhead is less than actual factory overhead, it is called

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Applied F.o.H

Over applied F.o.H

Under-applied F.o.H

None of 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

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

Bin card is maintained by

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Purchase manager

Sales manager

Store keeper

Finance manager

Spoiled goods cannot be

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Sold without repairing

Repair and sold as damaged goods

Both A and B

None of above

In operating expense includes

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Marketing expense

Admin expense

Selling expense

All of the above

Loss which arises due to ----------- is known as abnormal loss

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Breakage of goods

Leakage

Fire

Shrinkage

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