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Accounting LIST OF ATTEMPTED QUESTIONS AND ANSWERS Multiple Choice Multiple Answer Question The objects of cost accountancy are . . Correct Answer To ascertain cost and profitability , Cost Control , Presentation of Information Your Answer To ascertain cost and profitability , Cost Control , Presentation of Information True/False Question Accounting is an art of recording, classifying & summarizing in a significant manner. Correct Answer True Your Answer True Match The Following Question Book-Keeping Financial statement Correct Answer Books of Accounts Profitability statement & Balancesheet Process of analyzing & interpretation Indicates the amount of profit earned Financial status Accounting Profitability statement Balance-sheet Your Answer Process of analyzing & interpretation Profitability statement & Balance-sheet Books of Accounts Indicates the amount of profit earned Financial status Multiple Choice Multiple Answer Question The principal functions of the cost accounting department are : Correct Answer Your Answer Classifying labour cost according to jobs, processes, etc. , Preparation of different reports based on direct, indirect labour cost, etc. , To focus on areas where labour cost may be reduced. Preparation of different reports based on direct, indirect labour cost, etc. , To focus on areas where labour cost may be reduced. , Preparation of wage sheet and procedural aspects of wage payment. Multiple Choice Multiple Answer Question Management Accounting is… Correct Answer Your Answer Designed particularly for internal use , Helpful in estimating the future along with past period , Useful in furnishing the necessary information to the management Designed particularly for internal use , Helpful in estimating the future along with past period , Useful in furnishing the necessary information to the management True/False Question Balance sheet indicates the expenditure & income from the business. Correct Answer False Your Answer False True/False Question Correct Answer The process of accounting split into three steams i.e. financial, cost, management accounting. True Your Answer True True/False Question Match Correct Answer True Your Answer True True/False Question Balance sheet indicates the financial status of the business at given period. Correct Answer True Your Answer True True/False Question A business is an activity carried out with the intention of earning the profit. Correct Answer True Your Answer True True/False Question Correct Answer 1) Financial statements are basically in two forms i.e. profitability statement and balance sheet. True Your Answer True Select The Blank Question Correct Answer The treatment of ________ time in cost accounting depends upon the distinction between normal and abnormal time. Idle Your Answer Idle Multiple Choice Multiple Answer Question Items debited to Profit & Loss Account are… Correct Answer Salary , Discount allowed , Postage & telegram Your Answer Salary , Purchases of raw material , Postage & telegram True/False Question Profitability statement indicates the amount of assets & liabilities. Correct Answer False Your Answer False Select The Blank Question Correct Answer Budgeted profit and loss account and budgeted balance sheet are also known as ________. Master budget Your Answer Master budget Multiple Choice Single Answer Question Which system can assist in fixing a common selling price for the industry as a whole on the basis of cost of production of all units belonging to that industry ? Correct Answer Uniform costing Your Answer Marginal costing Multiple Choice Single Answer Question A lathe machine was purhcased on 31st March, 2004 for Rs.65,000/-, however it was installed only on 5th April, 2004. The depreciation is charged @ 15% p.a.. Find the amount of depreciation charge for the said lathe machine for the year ended 31st March, 2004. Correct Answer Nil Your Answer Rs.19.70 True/False Question Differential cost analysis is incorporated in the cost books. Correct Answer False Your Answer True Select The Blank Question ________ variance represents the over or under utilisation of pland and machinery. Correct Answer Capacity Your Answer Efficiency True/False Question The process of recording attendance time of the workers is known as time booking. Correct Answer False Your Answer True True/False Question Correct Answer The phrase 'By Balance c/d.' written on the credit side of the rent account, indicates credit balance for this account. False Your Answer True Multiple Choice Multiple Answer Question The causes of idle time can be analysed as Correct Answer Administrative causes , Productive causes , Economic causes Your Answer Administrative causes , Productive causes Select The Blank Question The balance of the suspense account will ________ after all the errors are Correct Answer become zero Your Answer become zero Multiple Choice Single Answer Question If the quantity of material purchased and quantity used are different, then which quantity should be used to compute the material price variance? Correct Answer Quantity of material purchased Your Answer Average quantity Multiple Choice Multiple Answer Question Uniform costing system can be successfully implemented in any industry only when : Correct Answer Your Answer Information is freely supplied by all the units , Well organised sector is ready to share the technological improvements , Information furnished by the units is complete and correct Information is freely supplied by all the units , Information furnished by the units is complete and correct Select The Blank Question Factory light, telephone expenses are examples of ________ expenses. Correct Answer Indirect Your Answer Indirect Multiple Choice Multiple Answer Question The components of the selling and distribution cost budget are : Correct Answer Distribution expenses , Publicity expenditure , Salary of sales-office workers Your Answer Distribution expenses , Publicity expenditure , Salary of sales-office workers Select The Blank Question Correct Answer For successful implementation of uniform costing system, it is very essential to devise ________, containing recommended cost accounting plan and procedures. cost manual Your Answer cost manual Select The Blank Question Correct Answer The combination in which different products are sold by a company is known as ________. Sales mix Your Answer Sales mix Multiple Choice Single Answer Question Which of the following is usually prepared daily by employees for each job worked on? Correct Answer Job card Your Answer Job card True/False Question Profit = Profit volume ratio X Margin of safety Correct Answer True Your Answer True Multiple Choice Multiple Answer Question The management of Horngreen Ltd. is deciding whether to continue working at loss or to temporarily shut down the factory. State the qualitative aspects that must be considered before arriving at a decision. Correct Answer Loss of trained personnel , Loss of regular customers , Expenditure required to restart the factory Your Answer Loss of trained personnel , Loss of regular customers , Expenditure required to restart the factory True/False Question Indirect material cost is an integral part of finished goods. Correct Answer False Your Answer True Multiple Choice Multiple Answer Question Locate the error and its features in the following Correct Answer Compensating errors , Trial balance will not be affected , Trial balance will be affected Your Answer Compensating errors , Error of principle Multiple Choice Single Answer Question Correct Answer It is difficult to apply Uniform costing system for an industry which has labour intensive companies as well as capital intensive companies, because : The cost structure is different Your Answer The cost structure is different Match The Following Question Liabilities Correct Answer Your Answer All the amount owed by the business All the properties owned by the business Withdrawn for personal use Withdrawn for personal use Book of original entry Book of original entry Maintain all types of Accounts Maintain all types of Accounts All the properties owned by the All the amount owed by the business business Drawing Journal Ledger Assets True/False Question Correct Answer Accounting refers to the process of analyzing & interpreting the information already recorded in the books of accounts. True Your Answer True Multiple Choice Single Answer Question Rs.2,650/- were paid to ABC Ltd. for maintenance of machine; which account should be debited for this transaction? Correct Answer Maintenance of machine account Your Answer Maintenance of machine account True/False Question Margin of safety = Contribution / Profit volume ratio Correct Answer False Your Answer False
