Can anybody answer this

1.The underlying accounting principle(s) necessitating amortization of intangible asset(s) is/are
(a)Cost Concept (b)Realization Concept (c)Matching Concept (d)Both (a) and (c) above.

2. Recording of Fixed Assets at cost ensures adherence of
(a)Conservatism Concept (b)Going Concern Concept (c)Cost Concept
(d)Both (a) and (b) above.

3. Which of the following is an example of Personal Account?
(a)Machinery
(b)Rent
(c )Cash
(d )Creditor.

4. Payment received from Debtor (a)Decreases the Total Assets (b)Increases the Total Assets
(c )Results in no change in the Total Assets
(d)Increases the Total Liabilities

5. Cash Purchases
(a)Increases Assets
(b)Results in no change in the Total Assets
(c )Decreases Assets
(d )Decrease Liability.
 
5. Journal is a
(a)Book of original entry
(b)Classified summery of all transactions
(c)Permanent record
(d)Both (a) and (b) above.

6. Goods returned from X is entered as (a)Debit X A/c; Credit Purchase Return A/c (b)Debit X A/c; Credit Cash A/c
(c)Debit Sales Return A/c; Credit X A/c
(d)Debit X A/c; Credit Sales A/c

7. Debit side of Bank Pass book corresponds to –
(a)Credit side of Cash Book (b)Debit side of Cash Book (c)Debit side of Trial Balance (d)Credit side of Balance Sheet.

8. Debit balance as per bank pass book mean —
(a)Surplus cash
(b)Bank Overdraft
(c)Terms deposits with bank
(d)None of these.

9. Provision is created for — (a)Unknown Liabilities (b)Known Liabilities
(c)Creation of Secret Reserves
(d)All the above.

10. The main objective of providing depreciation is to
(a)Calculate the true profit
(b)Show the true financial position in the Balance Sheet
(c)Provide funds for replacement of fixed assets
(d)Both (a) and (b) above

11. In which of the following methods, the cost of the asset is spread over in equal proportion during its useful economic life?
(a)Straight-line method (b)Written down value method (c )Units-of-production method
(d )Sum-of-the years’-digits method

12. Depreciation is calculated on the
(a)Cost price of asset
(b)Market price
(c )Cost+ Transport+ Installation expenses
(d )Cost or market values whichever is less.

13. Cost of goods sold excludes-
(a)Opening Stock (b)Carriage inward (c )Wages & Salary
(d )Postage & Stamps.

14. Which of the following is not classified as inventory in the financial statements?
(a)Finished goods (b )Work-in-process (c )Stores and spares
(d )Advance payments made to suppliers for raw materials.

15. The creation of provision for doubtful debts given as an adjustment requires (a )Debit Profit and Loss Account and deduct the provision from debtors (b)Credit Profit & Loss Account and deduct the provision from debtors
(c )Credit Profit and Loss Account and add the provision to debtors
(d )Debit Profit & Loss Account and add the provision to debtors.

16. Property, Plant and Equipment are conventionally presented in the Balance Sheet at
(a )Replacement cost – Accumulated Depreciation
(b)Historical cost – Salvage Value
(c )Historical cost – Depreciation portion thereof
(d )Original cost adjusted for general price-level changes.

17. Outstanding salaries is shown as
(a)An Asset in the Balance Sheet
(b )A Liability
(c )By adjusting it in the P & L A/c
(d )Both (b) and (c) above.

18. A club paid subscripttion fees of `1,400. Out of which ` 200 is prepaid. In such case
(a)P&L A/C is debited with ` 1,400 (b)P&L A/C is debited with ` 1,200 (c )`200 is shown as current asset (d )Both (b) and (c) above.


19. Early payment of a Bill of Exchange is known as —
(a )Retirement
(b)Renewal
(c )Discount
(d )Endorsement.

20. A consignor is entitled to ——————
(a)  Profit on consignment
(b)  Commission on Sales
(c)  Reimbursement of expenses
(d)  Interest on capital

21. What does the balance in Memorandum Joint Venture A/c shows—
(a)  Profit or Loss
(b)  Closing Stock
(c)  Balance due from other Co-venturer
(d)  Difference in Trial Balance.

22. Joint Bank A/c is a -
(a)  Nominal A/c (b)  Personal A/c (c)  Real A/c
(d)  Dummy A/c

23. For loose tools which method of depreciation is more appropriate
(a )Annuity Method
(b )Reducing Balance Method
(c )Production Method
(d )Revaluation Method

24. Which of these will cause change in working capital
(a )Payment of Creditors in cash
(b )Realization of amount due from the Debtors
(c )Sale of office equipment for cash
(d )Providing depreciation on Plant and Machinery.

25. Which of the following accounting treatments is/are true in respect of accrued commission appearing on the debit side of a Trial Balance?
(a)It is shown on the debit side of the Profit and Loss Account (b)It is shown on the credit side of the Profit and Loss Account (c)It is shown on the liabilities side of the Balance Sheet
(d)It is shown on the assets side of the Balance Sheet.

26. Accounting for Fixed Assets is related to
(a)AS 7 (b )AS 14 (c )AS 10 (d )AS 21.

27. Which of the following is not a function of Cost Accounting?
(a)Cost ascertainment (b)Planning and control (c) Decision – making (d)External reporting.

28. A cost is
(a ) A sacrifice
(b) Release of something
(c)Measure of consumption of resources
(d) All of the above.

29. The total cost incurred in the operation of a business undertaking other than the cost of manufacturing and production is known as
(a)Direct cost
(b )Variable cost
(c )Commercial cost
(d )Conversion cost.

30. The cost of obsolete inventory acquired several years ago, to be considered in a keep vs. disposal decision is an example of :
(a)Uncontrollable cost (b)Sunk cost (c)Avoidable cost (d)Opportunity cost.

31. Which of the following is an accounting record? (a)Bill of Material
(b)Bin Card (c)Stores Ledger. (d)All of these.

32. Which of the following best describes the manufacturing costs? (a)Direct materials, direct labor and factory overhead
(b)Direct materials and direct labor
(c )Direct materials, direct labor, factory overhead, and administrative overhead
(d )Direct labor and factory overhead.

33. Which of the following is to be called product cost ?
(a )Material cost
(b )Labor cost
(c )FOH cost
(d )All of the above.


34. Which of the following cannot be used as a base for the determination of overhead absorption rate?
(a)Number of units produced
(b)Prime cost
(c )Conversion cost
(d)Discount Allowed.

35. PVC Company has ordering quantity 10,000 units. They have storage capacity 20,000 units, the average inventory would be:
(a )20,000 (b )5,000
(c )10,000 (d )25,000

36. While transporting petrol, a little quantity will be evaporated; such kind of loss is termed as:
(a)Normal Loss
(b)Abnormal Loss
(c)It is incremental loss
(d)It cannot be abnormal loss

37. Which of the following element must be taken into account while calculating total earnings of a worker under different incentive wage schemes?
(a)Rate per unit
(b )Units of production
( c )Extra time taken by employee to complete the production
(d )Number of workers employed.

38. Which of the following is considered as basic systems of remunerating labor?
(a)Time rate system
(b )Piece rate system
(c )Halsey Premium plan
(d )Both time rate and piece rate system

39. If, Gross profit = ` 40,000 GP Margin = 20% of sales What will be the value of cost of goods sold?
(a)`160,000 (b)`120,000 (c)`40,000 (d)`90,000.

40. Where---------------- is equal, that point is called Economic order quantity.
(a )Ordering cost
(b )Carrying cost
(c )Ordering and carrying cost
(d )Per unit order cost.

41. Prime cost is :
(a)The total of direct costs
(b)All costs incurred in manufacturing a product
(c )The material cost of a product
(d )The cost of operating a department

42. A segment of the business that generates both revenue and cost is called:
(a )Profit Center (b )Cost Center (c )Cost driver
(d )All of the above.

43. Operating cost in often named as:
(a )Manufacturing cost plus commercial expenses
(b )Prime cost plus factory overheads
(c )Direct material plus direct labour
(d )Selling plus administrative expenses.

44. At break-even point of 400 units sold the variable costs were ` 400 and the fixed costs were `200. What will be the 401 units sold contributing to profit before income tax?
(a )`0.50 (b )`1.00 (c)`1.50
(d )None of the above.

45. Depreciation based on the number of units produced would be classified as:
(a )Out of pocket cost
(b )Differential cost
(c )Variable cost
(d )Fixed cost