| | |||
Multiple Choice Multiple Answer | ||||
Question | Cost Accounting ______________. | |||
Correct Answer | Concerned with specific activities. , Classified according to their nature. , It deals with both i.e. past & present. | |||
Your Answer | Concerned with specific activities. , Classified according to their nature. , It covers whole business | |||
| | |||
Multiple Choice Multiple Answer | ||||
Question | Management Accounting __________________. | |||
Correct Answer | Designed particularly for internal use only. , Looks forward in estimating the future along with past period. , This furnishes the necessary information to management. | |||
Your Answer | Designed particularly for internal use only. , Looks forward in estimating the future along with past period. , This furnishes the necessary information to management. , Only a, b, c. | |||
| | |||
Multiple Choice Multiple Answer | ||||
Question | Accounting is the art of ______________,____________ and ____________ in a significant manner and in terms of money transactions and events which are of a financial character and interpreting the res | |||
Correct Answer | Summarizing , Classifying , Recording | |||
Your Answer | Summarizing , Classifying , Recording | |||
| | |||
Multiple Choice Multiple Answer | ||||
Question | The process of accounting has three streams of accounting ---------------,--------and ----------------------. | |||
Correct Answer | Financial Accounting , Cost Accounting , Management Accounting | |||
Your Answer | Financial Accounting , Cost Accounting , Management Accounting | |||
| | |||
Match The Following | ||||
| ||||
| ||||
| ||||
| ||||
| ||||
| ||||
| | |||
True/False | ||||
Question | Credit note is an intimation send to person dealing with the business that his account being debited for the purpose indicated therein. | |||
Correct Answer | False | |||
Your Answer | True | |||
| | |||
True/False | ||||
Question | Amount invested in purchasing Fixed Asset is a revenue expenditure. | |||
Correct Answer | False | |||
Your Answer | False | |||
| | |||
True/False | ||||
Question | As per double entry system o accounting , total of all debits should be equal to all credits. | |||
Correct Answer | True | |||
Your Answer | True | |||
| | |||
Multiple Choice Multiple Answer | ||||
Question | Convention of Consistency Materiality ________________ | |||
Correct Answer | The accounting policies & procedures should follow consistently on period to period , It facilitates the comparison of financial statements on period to period , If any change the fact should be disclosed with its effects on profitability | |||
Your Answer | The accounting policies & procedures should follow consistently on period to period , It facilitates the comparison of financial statements on period to period , If any change the fact should be disclosed with its effects on profitability | |||
| | |||
Multiple Choice Multiple Answer | ||||
Question | Cash and---------------are the two systems of accounting. | |||
Correct Answer | Mercantile | |||
Your Answer | Mercantile | |||
| | |||
Multiple Choice Single Answer | ||||
Question | The opening balance of cash account is Rs. 25,000, cash received from debtors Rs. 30,000, sold goods amounted to Rs. 50,000, paid to creditors Rs. 20,000, purchase furniture Rs. 5000. What is the clos | |||
Correct Answer | 80,000 | |||
Your Answer | 80,000 | |||
| | |||
Multiple Choice Single Answer | ||||
Question | Bank Reconciliation statement is required in case of | |||
Correct Answer | difference between the bank balance as per the bank book and as per pass book | |||
Your Answer | difference between the bank balance as per the bank book and as per pass book | |||
| | |||
Match The Following | ||||
| ||||
| ||||
| ||||
| ||||
| ||||
| ||||
| | |||
Multiple Choice Multiple Answer | ||||
Question | Direct Cost includes | |||
Correct Answer | Direct material , Direct labour , Direct expenses | |||
Your Answer | Direct material , Direct labour , Direct expenses | |||
| | |||
Multiple Choice Single Answer | ||||
Question | Labour cost indicates that labour cost which cannot be identified with the individual cost centre and is incurred for those employees who are not engaged in the manufacturing process but only assist i | |||
Correct Answer | Remuneration | |||
Your Answer | Indirect | |||
| | |||
Multiple Choice Multiple Answer | ||||
Question | The Prime Cost includes the aggregate of | |||
Correct Answer | Direct Material Cost , Direct Labour Cost , Direct Expenses | |||
Your Answer | Direct Material Cost , Direct Labour Cost , Direct Expenses | |||
| | |||
Multiple Choice Multiple Answer | ||||
Question | From the following particulars what must appear in purchase requisition | |||
Correct Answer | Material to be purchased should be cleanly specified , Material should purchase whenever the market for the same is favorable , Purchase requisition should state the quantity of material required. | |||
Your Answer | Material to be purchased should be cleanly specified , Purchase requisition should state the quantity of material required. | |||
| | |||
Multiple Choice Multiple Answer | ||||
Question | Following points are taking into consideration for evaluation of receipts | |||
Correct Answer | The Price , The trade discount is to be deducted , Other amounts such as sales tax, excise duty, octroi duty | |||
Your Answer | The Price , The trade discount is to be deducted , Other amounts such as sales tax, excise duty, octroi duty | |||
| | |||
Multiple Choice Multiple Answer | ||||
Question | While fixing the maximum level following factors are considered | |||
Correct Answer | Maximum usage , Storage facilities , Availability of funds | |||
Your Answer | Maximum usage , Rate of consumption | |||
| | |||
True/False | ||||
Question | Fixed cost tends to vary with time rather than with level of activity. | |||
Correct Answer | True | |||
Your Answer | True | |||
| | |||
True/False | ||||
Question | To take make or buy decision under the marginal costing , if purchase price of the product is less than its variable cost it is advisable to go for manufacturing proposition. | |||
Correct Answer | False | |||
Your Answer | False | |||
| | |||
Multiple Choice Single Answer | ||||
Question | Find out the break even point and profit if sales are Rs. 50,00,000 and P/V Ratio is 50% and margin of safety is 40% | |||
Correct Answer | Rs.30,00,000 and Rs.10,00,000 | |||
Your Answer | Rs.30,00,000 and Rs.10,00,000 | |||
| | |||
True/False | ||||
Question | For better control, variances of a period may be compare with the previous period. | |||
Correct Answer | True | |||
Your Answer | True | |||
| | |||
True/False | ||||
Question | Expected standards are more realistic and useful for cost control. | |||
Correct Answer | True | |||
Your Answer | True | |||
| | |||
True/False | ||||
Question | The difference between standard cost and actual cost is termed as Variance. | |||
Correct Answer | True | |||
Your Answer | True | |||
| | |||
Multiple Choice Multiple Answer | ||||
Question | For reporting of variance, following propositions should be considered | |||
Correct Answer | Responsibility of each individual should be defined , Reporting should be simple, clear and quick , Analysis of variance should be accurate. | |||
Your Answer | Responsibility of each individual should be defined , Reporting should be simple, clear and quick , Analysis of variance should be accurate. | |||
| | |||
Multiple Choice Multiple Answer | ||||
Question | Basic three steps in Standard Costing are | |||
Correct Answer | Setting standards , Comparing actuals with standards , Measurement of variance | |||
Your Answer | Setting standards , Comparing actuals with standards , Measurement of variance | |||
| | |||
Multiple Choice Single Answer | ||||
Question | Find out Labour Efficiency Variance, if Standard Rate is Rs.1.50/- per hour, Standard hours are 12,000 and Actual hours are 12,600. | |||
Correct Answer | Rs.900/- ( Adverse ) | |||
Your Answer | Rs.900/- ( Adverse ) | |||
| | |||
Multiple Choice Single Answer | ||||
Question | Standard costs are the targets to be attained by the actual performance. | |||
Correct Answer | Minimum | |||
Your Answer | Minimum | |||
| | |||
Multiple Choice Single Answer | ||||
Question | Standard Costs are used as tool for | |||
Correct Answer | Cost Control | |||
Your Answer | Cost Control | |||
| | |||
Select The Blank | ||||
Question | Accounting to the matching principles of accounting, the ________ incurred during an accounting period are required to be match with ________ during that period | |||
Correct Answer | cost | |||
Your Answer | cost | |||
Correct Answer | revenues | |||
Your Answer | revenues | |||
| | |||
Select The Blank | ||||
Question | Along with financial accounting, ________ and ________ are the other streams of accounting | |||
Correct Answer | Cost Accounting | |||
Your Answer | Management Accounting | |||
Correct Answer | Management Accounting | |||
Your Answer | Cost Accounting | |||
| | |||
Select The Blank | ||||
Question | If the revenue expenditure is treated as ________ expenditure , it will not affect the agreement of ________ balance | |||
Correct Answer | capital | |||
Your Answer | capital | |||
Correct Answer | trial | |||
Your Answer | trial | |||
| | |||
Select The Blank | ||||
Question | While selecting source of supply ________ epartment may call for the ________ from the prospective suppliers | |||
Correct Answer | purchase | |||
Your Answer | purchase | |||
Correct Answer | quotation | |||
Your Answer | quotation | |||
| | |||
Select The Blank | ||||
Question | After material is received from the supplier, quantity actually received is compared with quantity ________-and ________-if any, are taken up with the supplier | |||
Correct Answer | ordered | |||
Your Answer | ordered | |||
Correct Answer | variation | |||
Your Answer | variation | |||
| | |||
Select The Blank | ||||
Question | Under the daily ________ sheets method, each worker is provided with a daily time sheet on which time ________ by him on various jobs is expected to be mentioned | |||
Correct Answer | time | |||
Your Answer | work | |||
Correct Answer | spent | |||
Your Answer | spent | |||
| | |||
Select The Blank | ||||
Question | 4.Under the differential time rate method the wages are paid at Rs. 1.50 per hour between ________ efficiency and Rs.1.25 per hour between ________ efficiency | |||
Correct Answer | 101% to 125 % | |||
Your Answer | 90-100 | |||
Correct Answer | 80% to90% | |||
Your Answer | 101% to 125 % | |||
| | |||
Select The Blank | ||||
Question | Under Gannt Task bonus system where the output is ________ payment is made as per minimum time rate, output is ________ payment is made as per time wages plus some increase in wage rates | |||
Correct Answer | below standard | |||
Your Answer | below standard | |||
Correct Answer | at standard | |||
Your Answer | at standard | |||
| | |||
Select The Blank | ||||
Question | ________ and ________ are examples of element wise classification ofoverhead costs | |||
Correct Answer | Idirect material | |||
Your Answer | Idirect material | |||
Correct Answer | indirect labour | |||
Your Answer | selling overheads | |||
| | |||
Select The Blank | ||||
Question | Fixed cost is the cost that tend to remain ________ irrespective of ________ | |||
Correct Answer | constant | |||
Your Answer | constant | |||
Correct Answer | level of activity | |||
Your Answer | level of activity | |||
| | |||
Select The Blank | ||||
Question | The process of Allocation & apportionment can followed to decide the ________ of overheads to each budget center | |||
Correct Answer | Allocation & apportionment | |||
Your Answer | Distribution | |||
Correct Answer | Loading | |||
Your Answer | |
| |
| |
No comments:
Post a Comment