|
|
Multiple
Choice Multiple Answer
|
Question
|
Essentials for
effective implementation of budgetary control system are
|
Correct
Answer
|
Commitment of top
management , Clearly defined objectives , Continous budget education
|
Your
Answer
|
Commitment of top
management , Clearly defined objectives , Continous budget education
|
|
|
Multiple
Choice Multiple Answer
|
Question
|
Features of
convention of consistency are . . .
|
Correct
Answer
|
The accounting
policies and procedures should be followed consistently , Facilitates the
comparison of financial statements , It facilitates comparison of financial
statements on period-to-period basis
|
Your
Answer
|
The accounting
policies and procedures should be followed consistently , It facilitates
comparison of financial statements on period-to-period basis
|
|
|
True/False
|
Question
|
The bin card and
stores ledger, being independent records, comparison of these two records
should be avoided.
|
Correct
Answer
|
False
|
Your
Answer
|
False
|
|
|
Match The
Following
|
Question
|
Correct Answer
|
Your Answer
|
|
Dividend paid
|
Profit and loss
appropriation account
|
Profit and loss
account
|
|
Freight inwards
|
Manufacturing
account
|
Manufacturing
account
|
|
Sales
|
Trading account
|
Capital account
|
|
Freight outwards
|
Profit and loss
account
|
Trading account
|
|
|
|
Select The
Blank
|
Question
|
Large angle of
incidence indicates ________ amount of profits.
|
Correct
Answer
|
higher
|
Your
Answer
|
same
|
|
|
True/False
|
Question
|
Error of
commission refer to a situation where a transaction is not recorded in the
books of account.
|
Correct
Answer
|
False
|
Your
Answer
|
True
|
|
|
Multiple
Choice Single Answer
|
Question
|
Relevant costs in
decision making are :
|
Correct
Answer
|
Those costs which
will arise as a result of the proposed action
|
Your
Answer
|
Those costs which
will arise as a result of the proposed action
|
|
|
Select The
Blank
|
Question
|
________is the
summary of all the balances in all the accounts listed in ledger account of
an organization at any given point of time.
|
Correct
Answer
|
Trial Balance
|
Your
Answer
|
Trial Balance
|
|
|
Multiple
Choice Multiple Answer
|
Question
|
Overhead capacity
variance is the outcome of:
|
Correct
Answer
|
Shortage of labor
, Enforced idle time, e.g.power breakdowns , Customer demand being more or
less than anticipated
|
Your
Answer
|
Shortage of labor
, Enforced idle time, e.g.power breakdowns , Customer demand being more or
less than anticipated
|
|
|
True/False
|
Question
|
Factory overheads
consist of all overhead costs incurred from the stage of procurement of material
till the production of finished goods.
|
Correct
Answer
|
True
|
Your
Answer
|
True
|
|
|
True/False
|
Question
|
Bank
reconciliation statement must be prepared before the preparation of profit
and loss account and balance sheet.
|
Correct
Answer
|
True
|
Your
Answer
|
True
|
|
|
Multiple
Choice Single Answer
|
Question
|
Included in the
trial balance is the sales promotion suspense account with a debit balance
of Rs.6,300/-. It is given that this balance should be written off.
Calculate its impact on profit of the company.
|
Correct
Answer
|
The net profit
will decrease by Rs.6,300/-
|
Your
Answer
|
The gross profit
will increase by Rs.6,300/-
|
|
|
Select The
Blank
|
Question
|
In calculation of
total sales margin variance, the ________cost of sales is deducted from the
actual sales revenue.
|
Correct
Answer
|
Standard
|
Your
Answer
|
Actual
|
|
|
Match The
Following
|
Question
|
Correct Answer
|
Your Answer
|
|
Increase in
contribution will lead to
|
Increase in
profits
|
Increase in
profit volume ratio
|
|
Increase in
fixed cost will lead to
|
Increase in
break even point
|
Decrease in
contribution
|
|
Decrease in
variable cost will lead to
|
Increase in
profit volume ratio
|
Increase in
profits
|
|
Decrease in
selling price will lead to
|
Decrease in
contribution
|
Increase in
break even point
|
|
|
|
Multiple
Choice Multiple Answer
|
Question
|
Marginal costing
technique is useful in taking decisions relating to which of the following
courses of action?
|
Correct
Answer
|
Decision to drop a
product line , Decision to accept a special offer at price lower than the
normal selling price , Decision regarding temporary shut-downs
|
Your
Answer
|
Decision to drop a
product line , Decision to accept a special offer at price lower than the
normal selling price , Decision to accept a special offer at price higher
than the normal selling price , Decision regarding temporary shut-downs
|
|
|
Multiple
Choice Single Answer
|
Question
|
Basic objective of
Uniform Costing is . . .
|
Correct
Answer
|
comparison
|
Your
Answer
|
To control cost
|
|
|
Select The
Blank
|
Question
|
Re-order level
should be higher than ________ but lesser than maximum stock level.
|
Correct
Answer
|
Minimum level
|
Your
Answer
|
Minimum level
|
|
|
True/False
|
Question
|
The variable costs
are controllable at the lower lever.
|
Correct
Answer
|
True
|
Your
Answer
|
False
|
|
|
Select The
Blank
|
Question
|
Economical use of
labour, materials and facilities can achieved with the help of ________.
|
Correct
Answer
|
Budgetary control
|
Your
Answer
|
Budgetary control
|
|
|
Select The
Blank
|
Question
|
Goods returned by
Pawan worth Rs.1,000/- is debited to Pawan's Account. In order to rectify
the mistake, which account should be debited ? ________
|
Correct
Answer
|
Suspense account
|
Your
Answer
|
Personal account
|
|
|
True/False
|
Question
|
The purchase
account should be debited when an order is placed with the supplier of
material.
|
Correct
Answer
|
False
|
Your
Answer
|
False
|
|
|
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
|
|
|
Select The
Blank
|
Question
|
Interest
receivable is a________ for the organization.
|
Correct
Answer
|
Current asset
|
Your
Answer
|
Long term asset
|
|
|
Multiple
Choice Single Answer
|
Question
|
Purchases returns
of Rs.18,000/- were wrongly transferred to the sales returns account.
Calculate its impact on net profit.
|
Correct
Answer
|
The net profit
will not be affected
|
Your
Answer
|
The net profit
will decrease by Rs.18,000/-
|
|
|
Multiple
Choice Single Answer
|
Question
|
Amit sold Goods to
Atul for Rs. 50,000/- on cash & Rs. 50,000/- on credit basis. Amit
allowed 10% discount for on the spot transaction. What is the amount that
should be debited to the cash account?
|
Correct
Answer
|
Rs.45,000/-
|
Your
Answer
|
Rs.50,000/-
|
|
|
Multiple
Choice Single Answer
|
Question
|
Interest on bank
loan, was paid till the quarter ending 30th September, 2003, Rs.36,000/-. Find
the amount to be debited to the profit and loss account for the year ending
on 31st March, 2004,
assuming the loan is not yet repaid as on this date.
|
Correct
Answer
|
Rs.72,000/-
|
Your
Answer
|
Rs.36,000/-
|
|
|
Multiple
Choice Single Answer
|
Question
|
The features of
the Halsey Plan are:
|
Correct
Answer
|
The benefit of
time saved is divided equally between the employer and employee
|
Your
Answer
|
The benefit of
time saved is divided equally between the employer and employee
|
|
|
True/False
|
Question
|
The sum of
indirect material cost, indirect labour cost and indirect expenses is
termed as factory cost.
|
Correct
Answer
|
False
|
Your
Answer
|
True
|
|
|
Multiple
Choice Single Answer
|
Question
|
Determine re-order
level from the following : Maximum daily consumption - 200 units; maximum delivery
period - 12 days; average daily consumption - 150 units and average
delivery period - 8 days.
|
Correct
Answer
|
2,400 units
|
Your
Answer
|
2,400 units
|
|
|
Select The
Blank
|
Question
|
An error of
partial omission can be rectified by either debiting or crediting the
________ account, as the case maybe.
|
Correct
Answer
|
suspense
|
Your
Answer
|
adjusted profit
and loss
|
|
|
Multiple
Choice Multiple Answer
|
Question
|
Select the
examples of functional budgets:
|
Correct
Answer
|
Sales budget ,
Production budget , Research and development budget
|
Your
Answer
|
Sales budget ,
Production budget , Research and development budget
|
|
|
Multiple
Choice Single Answer
|
Question
|
With the help of
the given information, find actual fixed overheads for actual output. Fixed
overheads volume variance -Rs.75,000/- (Favourable); fixed overheads
efficiency variance -Rs.95,000/- (Favourable); fixed overheads calendar
variance Rs.20,000/- (Adverse); fixed voerheads expenditure variance
Rs.100,000/- (Adverse) and standard fixed overheads for actual output
-Rs.575,000/-.
|
Correct
Answer
|
Rs.600,000/-
|
Your
Answer
|
Rs.525,000/-
|
|
|
Select The
Blank
|
Question
|
Furniture account
will always have a ________ balance.
|
Correct
Answer
|
Debit
|
Your
Answer
|
Credit
|
|
|
Select The
Blank
|
Question
|
If the ordering
cost ________s, then the economic order quantity will Increase.
|
Correct
Answer
|
Increase
|
Your
Answer
|
Increase
|
|
|
Multiple
Choice Multiple Answer
|
Question
|
Which of the
following information is included in the goods received note?
|
Correct
Answer
|
Date of receipt of
material , Quantity received , Description of goods
|
Your
Answer
|
Date of receipt of
material , Quantity received , Price of goods , Description of goods
|
|
|
Multiple
Choice Multiple Answer
|
Question
|
Select the
non-monetary incentives
|
Correct
Answer
|
Health and safety
services , Canteen facility , Loans at reduced rate of interest
|
Your
Answer
|
Health and safety
services , Canteen facility
|
|
|
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
|
Linking overhead
to a cost unit is known as overhead absorption.
|
Correct
Answer
|
True
|
Your
Answer
|
True
|
|
|
Multiple
Choice Multiple Answer
|
Question
|
The operating
profit as per cost statement may differ from the profit as per Profit and
Loss Account due to existence of
|
Correct
Answer
|
Depreciation on
plant and machinery , Interest on loans taken from other , Interest on
loans granted to others
|
Your
Answer
|
Depreciation on
plant and machinery , Interest on loans taken from other
|
|
|
Multiple
Choice Multiple Answer
|
Question
|
The main
advantages of profit sharing are :
|
Correct
Answer
|
Employees try to
increase productivity , Incentives are shared by all the employees ,
Augments emplyees' efficiency
|
Your
Answer
|
Employees try to
increase productivity , Incentives are shared by all the employees
|
|
|
Multiple
Choice Multiple Answer
|
Question
|
Labour efficiency
variance Rs.1,000/- (favourable); labour mix variance Rs.260/- (adverse)
and labour rate variance Rs.300/- (adverse). Compute labour cost variance
and labour yield variance.
|
Correct
Answer
|
Labour cost
variance -Rs.700/- (Favourable) , Labour yield variance -Rs.1,260/- ,
Labour yield variance is favourable
|
Your
Answer
|
Labour cost
variance -Rs.700/- (Favourable) , Labour yield variance -Rs.1,260/-
|
|
|
True/False
|
Question
|
The best way to
reduce labour cost is to recruit cheap labour.
|
Correct
Answer
|
False
|
Your Answer
|
False
|
|
|
True/False
|
Question
|
Balance sheet
indicates the financial status of the business at given period.
|
Correct
Answer
|
True
|
Your
Answer
|
True
|
|
|
Multiple
Choice Multiple Answer
|
Question
|
Select the items
which may be classified as selling and distribution overheads.
|
Correct
Answer
|
Delivery van
expenses , Rent of finished goods warehouse , Sales research expenses
|
Your
Answer
|
Delivery van
expenses , Rent of finished goods warehouse , Sales research expenses
|
|
|
Select The
Blank
|
Question
|
In India
the gas industry and electricity industry, and ________ industry are
examples of industries using the uniform costing system.
|
Correct
Answer
|
fertilizer
|
Your
Answer
|
fertilizer
|
|
|
Multiple
Choice Single Answer
|
Question
|
The process of
recording the costs in a formal and systematic manner with the intention of
preparing statistical data there from a ascertain the cost, is known as . .
.
|
Correct
Answer
|
Cost accounting
|
Your
Answer
|
Cost accounting
|
|
|
|
|
|
|
|
|
|
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