33) Materiality Principle is an exception to the
Anonymous Quiz
13%
Consistency principle
38%
Full disclosure principle
23%
Accounting period assumption
26%
Prudence principle
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34) Excess of hire purchase price over cash price is known as
Anonymous Quiz
16%
Installment
58%
Interest
17%
Cash down payment
9%
Capital value of asset
👍3
Which of the following cannot be detected by Trial Balance?
Anonymous Quiz
26%
Errors of omissions
18%
Errors of principles
23%
Errors of misposting
33%
All of the above
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36) Bad debts are apportioned among departments in the proportion of
Anonymous Quiz
45%
Sales of each department
22%
Number of units sold each department
18%
Cost of sales of each department
15%
None of the above
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37) Contingent liability would appear.
Anonymous Quiz
24%
on the liability side of the Balance Sheet.
7%
on the assets side of the Balance Sheet.
13%
do not shown in the books of accounts
56%
as a note in Balance Sheet.
👍2
38) Bad debts Recovered 1,000. It will be
Anonymous Quiz
28%
Credited to Bad debts A/c
20%
Credited to debtor’s personal A/c
6%
Debited to creditor’s personal A/c
45%
Credited to bad debts recovered A/c
👍2
39) Bank Reconciliation Statement is:
Anonymous Quiz
9%
Ledger account
16%
Part of cash book
67%
a seperate statement
7%
a subsidiary of journal
40) _______is equal to estimated selling price less the estimated costs of completion and the estimated costs necessary to make the sale.
Anonymous Quiz
62%
Net Realisable value
18%
Cost of Conversion
11%
Cost of Purchase
8%
None of the above
41) In a process 8000 units are introduced during a period. 5% of input is normal loss. Closing work in progress 60% complete is 1000 units. 6600 completed units are transferred to next process. Equivalent production for the period is:
Anonymous Quiz
17%
9000 units
18%
7440 units
30%
5400 units
35%
7200 units
P/V Ratio will increase if the
Anonymous Quiz
17%
There is a decrease in fixed cost
16%
There is an increase in fixed cost
24%
There is a decrease in selling price per unit
43%
There is a decrease in variable cost per unit.
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43) The main purpose of accounting of joint products and by-products is to
Anonymous Quiz
50%
determine the profit/loss on each product line.
12%
determine the selling price
5%
comply with the statutory requirements.
33%
identify the cost and load it on the main product.
44) Joint Cost is suitable for
Anonymous Quiz
54%
Oil Industry
13%
Fertilizer Industry
14%
Ornament Industry
19%
Infrastructure Industry
45) For reducing the labour cost per unit, which of the following factors is the most important?
Anonymous Quiz
23%
Low wage rates
17%
Longer hours of work
37%
Higher input-output ratio
23%
Strict control and supervision
46) Which of the following items is not included in preparation of cost sheet?
Anonymous Quiz
10%
Carriage inward
10%
Purchase returns
17%
Sales commission
64%
Interest paid
47) Warehouse expense is an example of
Anonymous Quiz
33%
Production overhead
12%
Administration overhead
18%
Selling overhead
37%
Distribution overhead
48) Z Ltd. is planning to sell 1,00,000 units of product A for 12.00 per unit. The fixed costs are 2,80,000. In order to realize a profit of 2,00,000, what would the variable costs be?
Anonymous Quiz
13%
4,80,000
74%
7,20,000
5%
9,00,000
8%
9,20,000
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👍2
49) standard cost of material for a given quantity of output is 15,000 while the actual cost of material used is 16,200. The material cost variance is:
Anonymous Quiz
74%
1,200 (A)
13%
16,200 (A)
10%
15,000 (F)
3%
31,200 (A)
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