Question # 1

Which one is not include in factory overhead?

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Power hear & light

Indirect labour cost

Depreciation of plant

Salary of accountant

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

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

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Intangible asset

Fixed asset

Current asset

Quick asset

Which one is not a functional classification?

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Manufacturing cost

Marketing cost

Finance cost

Mixed cost

The cost of holding the stock in storage is called

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Ordering cost

Material cost

Caring cost

All of the above

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

What is accumulated depreciation?

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Depreciation expense of the current year

Sum of all depreciations in different accounting year

Depreciations of previous accounting year

None

Costs whose consumption may be identified with specific production units in called

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Direct labour cost

Indirect labour cost

Direct material cost

Indirect material cost

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

Quick assets are

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Cash in hand

Cash at bank

Debtors

All of the above

Accounting is the

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Art

Science

Both

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

Rebate is the --------- in the amount of bill paid

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Premium

Increase

Expense

Concession

Offsetting expenses against revenue is the concept of:

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Realization

Dual aspect

Matching

Conventions

The cost flow must watch the

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Output

Outflow

Inflow

Workflow

Which one of the following is not a negotiable instrument?

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Cheque

Promissory note

Bill of exchange

None of the above

How many of grace are given?

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5

4

3

2

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

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

Debentures are

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Fixed assets

Fixed liabilities

Capital

Prepaid expenses

Depreciation expenditure is a

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Fixed cost

Variable cost

Semi-variable cost

Step fixed cost

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