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- Multiple ChoicePlease save your changes before editing any questions.
Which of the following is not a Branch of Accounting
Financial Accounting
Money Accounting
Cost Accounting
Management Accounting
- Multiple ChoicePlease save your changes before editing any questions.
As discussed in the class, Profit and Loss account is like a photograph of a person
True
False
- Multiple ChoicePlease save your changes before editing any questions.
The person who is supervising the labourers involved in production will be
Direct Labour
Direct Expenses
Indirect Labour
None of the above
- Multiple ChoicePlease save your changes before editing any questions.
The reason we create Bad debt Reserve in the books of accounts is due to the
Materiality Concept
Convention of Consistency
Realisation Concept
Convention Conservatism
- Fill in the BlankPlease save your changes before editing any questions.
If the cost Price is Rs. 36000 and Profit is 10% on Selling Price then the selling price will be ---
- Multiple ChoicePlease save your changes before editing any questions.
Contingent Liability is shown on the liability side of the Balancesheet
True
False
- Multiple ChoicePlease save your changes before editing any questions.
Cost of Production + Opening stock of Finished goods - Closing stock of finished goods is equal to
Cost of Goods Sold
Cost of Sales
Total Cost
Factory cost
- Multiple ChoicePlease save your changes before editing any questions.
In production of Pen which of the following will be direct material
Plastic
Ink
Nib
All of the above
- Multiple ChoicePlease save your changes before editing any questions.
While sending the goods for distribution, packing the goods in Carton box will be considered
Direct Material
Primary Packing
Secondary Packing
Direct Expenses
- Multiple ChoicePlease save your changes before editing any questions.
The accounting which gives segregated information about the various products of Dabur is
Financial Accounting
Money Accounting
Cost Accounting
Management Accounting
- Multiple ChoicePlease save your changes before editing any questions.
Depreciation of Plant and Machinery will come under
Factory Overhead
Office and Administrative Overhead
Selling and Distribution Overhead
Prime cost
- Multiple ChoicePlease save your changes before editing any questions.
Bad debts in cost accounting will come under
Factory overhead
Office and Administrative Overhead
Selling and Distribution Overhead
Prime Cost
- Multiple ChoicePlease save your changes before editing any questions.
When the accountant shows false information in financial statement to lure the investors it is known as
Mercantile Accounting
Window Dressing
Money Measurement Concept
None of the above
- Multiple ChoicePlease save your changes before editing any questions.
If Direct Material Consumed is Rs20000, Chargeable Expenses is Rs3000, Direct Labour is Rs 2000 and Indirect Labour is Rs 6000, Then Prime cost will be ...
23000
25000
31000
26000
- Multiple ChoicePlease save your changes before editing any questions.
Which one of the following is not a limitation of Financial Accounting
It ignores qualitative aspects
Window Dressing
It ignores quantitative aspects
It ignores Price level changes
- Multiple ChoicePlease save your changes before editing any questions.
According to the Dual Aspect Concept
Capital + Assets = Liability
True
False
- Multiple ChoicePlease save your changes before editing any questions.
Amortization is depreciation of intangible assets
True
False
- Multiple ChoicePlease save your changes before editing any questions.
There is a prescribed format for preparation of Management Accounting which is known as GAAP
True
False
- Multiple ChoicePlease save your changes before editing any questions.
Cost sheet does not include abnormal cost
True
False
- Multiple ChoicePlease save your changes before editing any questions.
Capital is the money invested by the owner of the business. But it is shown in the liability side of Balance sheet because of
Conservatism Concepts
Separate Entity Concept
Cost Concept
Going Concern Concept