Question # 1

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

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

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Breakage of goods

Leakage

Fire

Shrinkage

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

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

If spoiled goods are considered a normal part of production process than debit to

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Work in process

General expense

F.o.H control

None of above

Purchase Requisition is sent to

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Accounts department

Purchase department

Finance department

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

A credit purchases are:

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If goods purchased and payment made at the same time

If goods purchased and payment not made at the same time

If goods sold and payment receive at the same time

If goods sold and payment not receive at the same time

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

The technique and process of ascertaining cost is termed as

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Costing

Cost accounting

Calculation of cost

Controlling cost

In payroll include the remunerations of

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Direct labour

Indirect labour

Both a & b

None of the above

Statement of a affairs is a sort of -----------

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Profit and loss statement

Nominal account

Statement of changes in equity

Balance sheet

The primary objective of cost accounting is to

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Control cost

Calculate profit

Avoid cost

All of above

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

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Intangible asset

Fixed asset

Current asset

Quick asset

Historical cost which is irrecoverable in a given situation is called

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Imputed cost

Standard cost

Opportunity cost

Sunk cost

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