Accounting Mcqs

A cash book that is used to record the small payments of cash is generally referred as_________?

(A) Simple cash book
(B) Two column cash book
(C) Three column cash book
(D) Petty cash book

Submitted By :Ali Uppal

Postage stamps on hand are considered as_________?

(A) Bank
(B) Prepaid expenses
(C) Accounts receivable
(D) Creditor

Submitted By :Ali Uppal

Purchase of office equipment for cash will be recorded on which of the following sides of a cash book?

(A) Receipts
(B) Payments
(C) Incomes
(D) Expenditures

Submitted By :Ali Uppal

A simple or one column cash book usually has which of the following main columns?

(A) Bank
(B) Payments
(C) Discount
(D) Cash

Submitted By :Ali Uppal

Cash book with cash and discount column is mostly referred as________?

(A) Simple cash book
(B) Two column cash book
(C) Three column cash book
(D) Petty cash book

Submitted By :Ali Uppal

Budgeted sales for the next year is 5,00,000 units. Desired ending finished goods inventory is 1,50,000 units and equivalent units in ending W-I-P inventory is 60,000 units. The opening finished goods inventory for the next year is 80,000 units, with 50,000 equivalent units in beginning W-I-P inventory How many equivalent units should be produced?

(A) 5,80,000
(B) 5,50,000
(C) 5,00,000
(D) 5,75,000

Submitted By :Ali Uppal

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

Submitted By :Ali Uppal

Which of the following bases is not appropriate for apportionment of Transport department‘s cost ?

(A) Crane hours
(B) Crane value
(C) Truck Mileage
(D) Truck value

Submitted By :Ali Uppal

Consider the following data for a company during the month of June 2012 Budgeted hours 4,000 Standard hours for actual production 4,400 Maximum possible hours in the budget period 4,800 Actual hours 3,800 The activity ratio of the company during the month is

(A) 111%
(B) 120%
(C) 95%
(D) 117%

Submitted By :Ali Uppal

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

Submitted By :Ali Uppal

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