Multiple Choice Multiple Answer
Question
Uncontrollable variances are
Correct Answer Strike , Change in customers demand , Devaluation of currency
Your Answer
Change in customers demand , Wrong management policy , Devaluation
of currency
True/False
Question
Indirect labour cost indicates that labour cost which cannot be identified
with the individual cost centre.
Correct Answer True
Your Answer
True
True/False
Question
There is no need to open a suspense account if the trial balance does not
agree.
Correct Answer False
Your Answer
False
Select The Blank
Question
Interest on overdraft charged by the bank is ________ to the pass book
and ________ to the cash book
Correct Answer debited
Your Answer
credited
Correct Answer credited
Your Answer
debited
Select The Blank
Question
Bank reconciliation statement is the statement prepared to explain the
________ as to why the bank balance as per ________ and bank balance
as per bank book does not match
Correct Answer reasons
Your Answer
reasons
Correct Answer pass book
Your Answer
pass book
Multiple Choice Single Answer
Question
Old furniture sold for Rs. 5400 has been entered as Rs 4500 in the cash
book, for rectifying the same Suspense A/C credited to Rs
Correct Answer 900
Your Answer
900
Multiple Choice Multiple Answer
Question
Material Price Variance may occur due to
Correct Answer Change in price of material , Failure to take discounts , Weak purchase
organization
Your Answer
Careless use of material , Change in price of material
Select The Blank
Question
In financial statements P& L Accounts relates to a specific duration
whereas ________ is for a given point of time
Correct Answer P& L Accounts
Your Answer
Balance sheet
Correct Answer Balance sheet
Your Answer
Multiple Choice Single Answer
Question
Goods return by Pande worth Rs. 2000 should have appeared on the
credit side of Pande’s account for rectifying the same. Following account to
be credited
Correct Answer Suspense A/C
Your Answer
Suspense A/C
True/False
Question
Accounting is an art of recording, classifying & summarizing in a significant
manner.
Correct Answer True
Your Answer
True
Select The Blank
Question
Bin Card is not an ________ record but only a ________ record.
Correct Answer Accounting
Your Answer
Qualitative
Correct Answer Quantitative
Your Answer
Quantitative
Multiple Choice Single Answer
Question
Salary given in trial balance Rs. 5000/-, still 2000/- is to be paid . The
outstanding salary is debited to Profit &Loss A/C. The second effect is -Correct Answer Transfer to balance sheet liability side
Your Answer
Transfer to balance sheet liability side
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
True/False
Question
Profitability statement indicates the amount of assets & liabilities.
Correct Answer False
Your Answer
True
Multiple Choice Single Answer
Question
Calculate Sales Price Variance, If actual price is Rs.5.40/- per unit,
Standard price is Rs.5/- per unit and actual sales volume is 500 units.
Correct Answer Rs.200/- ( Favorable )
Your Answer
Rs.250/- ( Favorable )
True/False
Question
Debit the receiver & credit the giver is a rule of Real a/c.
Correct Answer False
Your Answer
True
Multiple Choice Single Answer
Question
If at 50% capacity, total factory overheads are Rs.10,000/- (out of which
60% are fixed and 40 % are variable) then what will the amount of total
factory overheads at 60% capacity
Correct Answer Rs.10,800/Your Answer
True/False
Rs.12,000/-
Question
1) Financial statements are basically in two forms i.e. profitability
statement and balance sheet.
Correct Answer True
Your Answer
True
Select The Blank
Question
Administration overheads are ________ in nature and can be controlled
mainly at ________ level of the management
Correct Answer fixed
Your Answer
variable
Correct Answer top
Your Answer
top
Match The Following
Question
Correct Answer
Your Answer
Advance
Not related in current year
Not related in current year
Application
Increase in Assets
Increase in Assets
Outstanding
Amount still payable in
current year
Amount still payable in current
year
Prepaid
Amount paid for next year
Amount paid for next year
Drawing
Amount of personal use
Amount of personal use
Multiple Choice Multiple Answer
Question
These are the features of fixed overheads
Correct Answer total cost remains the same , per unit cost may vary , not dependent on
volume of output
Your Answer
total cost remains the same , per unit cost may vary , not dependent on
volume of output , per unit cost remains the same.
Multiple Choice Single Answer
Question
__________ Accounting is primarily protects the interest of the outsiders
dealing with the organization various capacities like investors, suppliers,
customers etc.
Correct Answer Financial
Your Answer
True/False
Cost
Question
Head of the Department should sign the purchase requisition.
Correct Answer True
Your Answer
True
Multiple Choice Multiple Answer
Question
FIFO method
Correct Answer The price of the earliest available lot is considered first , If the lot is
exhausted, the price of the next available lot is considered , It is used for
issue of material
Your Answer
The price of the earliest available lot is considered first , If the lot is
exhausted, the price of the next available lot is considered , Physical lots
of the material are kept separate , It is used for issue of material
True/False
Question
Financial Accounting discloses the financial performance & financial
statements of the business as a whole.
Correct Answer True
Your Answer
True
Select The Blank
Question
Bin card is maintained by ________ department whereas ________ is
maintained by costing department.
Correct Answer Stores
Your Answer
Stores
Correct Answer Store ledger
Your Answer
Store ledger
True/False
Question
The situation of over absorption arises if the overheads absorbed are less
than the actual overheads.
Correct Answer False
Your Answer
True
Multiple Choice Multiple Answer
Question
Accounts is a
Correct Answer Record of all transaction
Your Answer
Record of all transaction , Record of purchasing goods & services , Record
of selling goods & services
Multiple Choice Single Answer
Question
If production overheads to be absorbed are Rs. 20000/- and machine
hours worked are 5000 then the machine hour rate will be,
Correct Answer Re. 4 per machine hour.
Your Answer
Rs. 5 per machine hour.
True/False
Question
Due to errors of principle the arithmetical accuracy of the trial balance get
affected.
Correct Answer False
Your Answer
True
Multiple Choice Multiple Answer
Question
P/L A/C debit side includes
Correct Answer salary , discount allowed , postage & telegram
Your Answer
discount allowed , interest received
Multiple Choice Multiple Answer
Question
These are the methods of measuring labour turnover.
Correct Answer Replacement Method , Separation Method , Flux Method
Your Answer
Replacement Method , Job card Method , Flux Method
Multiple Choice Multiple Answer
Question
Trading a/c credit side includes
Correct Answer sales , goods lost by fire , closing stock
Your Answer
sales , closing stock
Multiple Choice Multiple Answer
Question
From the following data, workout the EOQ annual demand. 5000 units,
ordering cost Rs. 60 per unit, price per unit Rs. 100, inventory carrying
cost15% on average inventory
Correct Answer 300
Your Answer
200
Select The Blank
Question
Financial Accounting protects the interest of outsiders . it considers
________ transaction and it is a ________ requirement
Correct Answer historical
Your Answer
Current
Correct Answer legal
Your Answer
legal
Multiple Choice Single Answer
Question
Under the Emerson’s Efficiency Bonus System at following efficiency level
no bonus is payable.
Correct Answer Below 66.66%
Your Answer
Below 66.66%
Select The Blank
Question
Planning lays down the course of action to be taken in future. In case
budgetary control, it is in the form of the ________ and in case of
________ costing, it is in the form of the standard cost
Correct Answer budgets
Your Answer
contracts
Correct Answer standard
Your Answer
budgets
Match The Following
Question
Correct Answer
Your Answer
Discount received
Suppliers
Suppliers
Outstanding expenses
Liabilities
Liabilities
Depreciation
Assets
Assets
Interest on capital
Borrowed capital
Borrowed capital
Discount allowed
Debtors
Debtors
True/False
Question
canteen facility to workers, health and safety services are examples of
monetary incentives.
Correct Answer False
Your Answer
True
Multiple Choice Single Answer
Question
This is the best example of element wise classification of cost.
Correct Answer material
Your Answer
selling overheads
Multiple Choice Single Answer
Question
This is the process of recording attendance time of the workers.
Correct Answer Time keeping
Your Answer
Time rate System
Multiple Choice Multiple Answer
Question
Wage rate standards takes into consideration the following factors
Correct Answer The system of wage payments , System for bonus payment , Grades of
workers required
Your Answer
The system of wage payments , System for bonus payment , Grades of
workers required
Select The Blank
Question
Standard Costing system facilitates ________ and ________ for each
individual or department
Correct Answer Delegation of authority
Your Answer
Fixation of responsibility
Correct Answer Fixation of responsibility
Your Answer
Delegation of authority
True/False
Question
If actual cost is more than the standard cost then it is called favorable
variance.
Correct Answer False
Your Answer
True
True/False
Question
Accounting refers to the process of analyzing & interpreting the information
already recorded in the books of accounts.
Correct Answer True
Your Answer
True/False
Question
True
The aggregate of indirect material cost, indirect labour cost and indirect
expenses is termed as factory cost.
Correct Answer False
Your Answer
True
Select The Blank
Question
Fixed cost is the cost that tend to remain ________ irrespective of
________
Correct Answer constant