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LIST OF ATTEMPTED QUESTIONS AND ANSWERS
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
Balance sheet indicates the financial status of the business at
given period.
Correct Answer True
Your Answer
True
True/False
Question
Balance sheet indicates the expenditure & income from the
business.
Correct Answer False
Your Answer
False
True/False
Question
The process of accounting split into three steams i.e. financial,
cost, management accounting.
Correct Answer True
Your Answer
True
Match The Following
Question
Correct Answer
Your Answer
Personal A/C
Debit the receiver, Credit Debit the receiver, Credit
the giver
the giver
Real A/C
Debit what comes in,
Credit what goes out
Debit what comes in,
Credit what goes out
Nominal A/C
Debit all the expenses,
Credit all the incomes
Debit all the expenses,
Credit all the incomes
Tangible assets
Building, Machinery
Building, Machinery
In tangible assets
Patents, Trade marks
Patents, Trade marks
Multiple Choice Multiple Answer
Question
Accounting period Concept________________
Correct Answer Longer life-span on business is divided into shorter segments ,
Each one being in the form of accounting period , Selection of
accounting period may depend on various factors
Your Answer
Longer life-span on business is divided into shorter segments ,
Each one being in the form of accounting period , Selection of
accounting period may depend on various factors
Multiple Choice Multiple Answer
Question
Depreciation
Correct Answer Amount charged on Fixed Assets.
Your Answer
Amount charged on Fixed Assets. , Amount charged on Current
Assets.
True/False
Question
Purchased computers of Rs. 50,000 come under the heading of
fixed asset
Correct Answer True
Your Answer
True
True/False
Question
Amount with drawn for personal purpose drawing A/C to be
debited.
Correct Answer True
Your Answer
True
Multiple Choice Multiple Answer
Question
Profit & Loss A/C credit side has
Correct Answer Gross profit , Commission received , Interested received
Your Answer
Gross profit
Multiple Choice Single Answer
Question
Purchase Goods of Rs. 7500 on 10% cash discount. The
discount amount is _______
Correct Answer 750
Your Answer
750
Multiple Choice Multiple Answer
Question
When bank balance as per pass book is considered then
following to be deducted.
Correct Answer cheques issued but not presented , direct deposit by customer ,
wrong credits given by bank
Your Answer
cheques issued but not presented , direct deposit by customer ,
wrong credits given by bank
Multiple Choice Single Answer
Question
Rs. 2500 paid for the purchase of radio set for personal use of
proprietor debited to general expenses account for rectifying the
error, which A/C to be debited
Correct Answer Drawing A/C
Your Answer
Purchase A/C
Multiple Choice Single Answer
Question
Discount received from the Creditors has been entered in the
Creditors A/C but discount amount has not been credited, for
rectifying such error which account to be debited.
Correct Answer Suspense A/C
Your Answer
Suspense A/C
True/False
Question
Total of purchase register for the month of March is taken 50,000
instead of 55,000. Posting to individual A/C of supplier total to
correct amount is 55,000 but purchase account is debited by Rs.
50,0
Correct Answer True
Your Answer
True
Multiple Choice Single Answer
Question
This cost indicates increased or decreased cost due to the
increased or decreased volume of operations.
Correct Answer Differential cost
Your Answer
Differential cost
Multiple Choice Multiple Answer
Question
Office & Administration overhead includes
Correct Answer Salary , Rent & Taxes , Stationary & postage
Your Answer
True/False
Question
Salary , Rent & Taxes , Stationary & postage
There is reverse relationship between the ordering cost and
carrying cost
Correct Answer True
Your Answer
True
Multiple Choice Multiple Answer
Question
Store ledger
Correct Answer Record of all receipts and issue transactions , Financial
expressions of all transactions , Maintenance of Store ledges
provides a second check
Your Answer
Record of all receipts and issue transactions , Maintained in
Stores department , Maintenance of Store ledges provides a
second check
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 , Advertisement
cost
Multiple Choice Multiple Answer
Question
In EOQ, to express carrying cost as a percentage of the unit cost
of purchases this is used in the formula----------Correct Answer i
Your Answer
A,O,C
Multiple Choice Single Answer
Question
Under the differential time rate method of wage payment
between 90% to 100% of efficiency following rate is offered.
Correct Answer Rs. 1.40 per hour
Your Answer
Rs. 1.40 per hour
True/False
Question
Where overheads chargeable to the department are Rs. 5000/- ,
direct labour hours worked are 24000 then labour hour rate is
Re. 0.2083 labour hour.
Correct Answer True
Your Answer
True
Multiple Choice Multiple Answer
Question
The selection of the base on which overheads should be
apportioned depend on the following principles.
Correct Answer service or use basis , survey basis , ability to pay basis
Your Answer
service or use basis , survey basis , ability to pay basis
True/False
Question
The Budget key factor may be in the form of sales, raw material,
labour etc.
Correct Answer True
Your Answer
True
Multiple Choice Single Answer
Question
For a material, if standard quantity is 500 kg and standard price
is Rs.6/- per kg. Find out the Material Cost variance if actual
quantity is 400 kg and actual price is Rs.6/- per kg.
Correct Answer Rs.600/-( favorable )
Your Answer
Rs.500/-( favorable )
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.750/- ( Favorable )
Multiple Choice Single Answer
Question
Calculate Efficiency Variance, If actual production is 22,000
units, Standard production in actual hours is 21,000 units and
Standard rate per unit is Rs.1.5/-.
Correct Answer Rs.1,500/-( Favorable )
Your Answer
Rs.1,500/-( Favorable )
Multiple Choice Single Answer
Question
Calculate Labour Mix Variance, If revised standard hours are
16,500/-, Standard rate is Rs.3/- and Actual hours are 13, 500.
Correct Answer Rs.9,000/- ( favourable )
Your Answer
Rs.9,000/- ( unfavorable )
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
Calendar Variance arises only if there is abnormal increase or
decrease in
Correct Answer Actual number of working days
Your Answer
Actual number of working days
Multiple Choice Multiple Answer
Question
The following factors affects the budgeted advertisement cost
Correct Answer Percentage of profits , Availability of funds , Competitors policy
Your Answer
Percentage of profits , Availability of funds , Competitors policy
Match The Following
Question
Correct Answer
Your Answer
Token or Disc Method
Token number &
identification number
allotted to worker
Token number &
identification number
allotted to worker
Time Recording Clock
Method
Ticket number & clock
card allotted to worker
Ticket number & clock card
allotted to worker
Daily Time sheets
Time spent by worker on
job is recorded
Attendance register
Weekly Time sheets
Record of time for all the
jobs during the week is
made
Record of time for all the
jobs during the week is
made
Hand Written method
Attendance register
Time spent by worker on
job is recorded
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
liabilities
Correct Answer revenues
Your Answer
revenues
Select The Blank
Question
Management Accounting has a very ________ scope and it
requires ________ organizational structure
Correct Answer wide
Your Answer
wide
Correct Answer elaborate
Your Answer
elaborate
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
The cost accountancy is defined as “ the application of costing
principles,methods and techniques to the ________, art and
practice of ________ ascertainment of the profitability and the
presenta
Correct Answer science
Your Answer
science
Correct Answer cost control
Your Answer
cost control
Select The Blank
Question
Preventive costs of labour turnover refers to all the costs which
may be incurred by the organisation to keep workers happy and
________ them from ________ the job
Correct Answer discourage
Your Answer
discourage
Correct Answer leaving
Your Answer
leaving
Select The Blank
Question
Replacement costs of labour turnover are ________ and
________
Correct Answer training
Your Answer
training
Correct Answer breakages of machine
Your Answer
medical services
Select The Blank
Question
Semi ________ overheads are neither ________ nor variable in
nature.
Correct Answer fixed
Your Answer
variable
Correct Answer variable
Your Answer
fixed
Select The Blank
Question
Break even point is a situation of no ________ no ________
Correct Answer profit
Your Answer
profit
Correct Answer loss
Your Answer
loss
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
amount
Correct Answer Loading
Your Answer
Select The Blank
Question
Rs.5000 paid as ________ to ________ should be debited to
salary account
Correct Answer Mahesh
Your Answer
salary
Correct Answer salary
Your Answer
Mahesh