Question # 1

Office salaries are include in

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Direct material cost

Indirect material cost

Factory overhead cost

Total payroll

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

Tenor is the period of time ------------ which a bill becomes payable

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Before

After

Both a and b

None

Spoiled goods cannot be

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Sold without repairing

Repair and sold as damaged goods

Both A and B

None of above

Excess of assets over liabilities is known as:

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Capital fund

Accumulated fund

Surplus fund

All options are correct

Material are charged to production at actual cost under

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Weighted average method

FIFO method

LIFO method

Both ii & iii

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

The cost of holding the stock in storage is called

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Ordering cost

Material cost

Caring cost

All of the above

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

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

Goodwill is ----------- for company.

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Intangible asset

Fixed asset

Current asset

Quick asset

In job order costing system, each job is assigned a job cost

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Unit

Center

Driver

Sheet

Assets which have to no market value are called

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Fictitious assets

Liquid assets

Intangible assets

Real assets

The technique and process of ascertaining cost is termed as

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Costing

Cost accounting

Calculation of cost

Controlling cost

Profit will be lower where prices are rising under

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FIFO method

LIFO method

Weighted average method

All of the above

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

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

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

Provision of doubtful debts are also known as:

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Allowances for uncollectable

Allowances for collectable

Bad debts

None

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

The primary objective of cost accounting is to

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Control cost

Calculate profit

Avoid cost

All of above

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