Question # 1

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

What is amortization?

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Decrease in the value of fixed assets

Decrease in the value of intangible assets

Increase in the value of fixed assets

Increase in the value of intangible assets

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

Trading account shows ----------- result.

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Net

Gross

Profit

Loss

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

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Capital expenditure

Revenue expenditure

Product cost

Administrative cost

According to possible for an event or transaction which is not measurable in terms of money

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True

False

May be

None

Cost which is calculated before manufacture operation is called

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Sunk cost

Mixed cost

Standard cost

None of above

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

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

Which one is not accounting convention?

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Materiality

Full disclosure

Consistency

Going concern

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

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

The cost of holding the stock in storage is called

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Ordering cost

Material cost

Caring cost

All of the above

During period of rising material prices, ----------- method results in profit inflation

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LIFO

FIFO

Weighted average

All of the above

Debentures are

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Fixed assets

Fixed liabilities

Capital

Prepaid expenses

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