Question # 1

Historical cost which is irrecoverable in a given situation is called

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Imputed cost

Standard cost

Opportunity cost

Sunk cost

Doubtful debts are shown on:

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Profit side of statement of profit and loss

Liabilities side of balance sheet

Asset side of balance sheet

Not shown anywhere

In operating expense includes

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Marketing expense

Admin expense

Selling expense

All of the above

What is negotiable instrument?

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A document which is not transferable

A document which is transferable

A document which is accepted

None

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

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Breakage of goods

Leakage

Fire

Shrinkage

How many branches are there in accounting?

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1

3

2

4

Which one of the following is not a negotiable instrument?

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Cheque

Promissory note

Bill of exchange

None of the above

In bill of exchange, the party who accepts a bill is known as:

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Drawer

Drawee

Payee

Third party

Cash or goods taken away by owner for personal use from business are known as:

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Capital

Drawings

Revenue

Expense

A cost whose magnitude will be affected by decision being made is called

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Historical cost

Relevant cost

Irrelevant cost

Sunk cost

Variable cost and fixed cost have been treated as product cost in

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Absorption costing

Direct costing

Full costing

All of above

Accounting is the

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Art

Science

Both

None

Quick assets are

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Cash in hand

Cash at bank

Debtors

All of the above

Which one is not include in factory overhead?

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Power hear & light

Indirect labour cost

Depreciation of plant

Salary of accountant

Any written evidence of a business transaction is known as

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Voucher

Pay-in-slip

Debit note

Credit note

The cost flow must match the

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Output

Outflow

Inflow

Workflow

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

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

Purchase Requisition is sent to

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Accounts department

Purchase department

Finance department

None of above

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

The primary object of non-profit organizations is

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Not to earn profit

Work for the welfare of society

Buy/sell goods

A and B but not C

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