Thursday, April 29, 2010

Management Accounting - 13

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 Multiple Choice Multiple Answer

  Question  

Cost Accounting ______________.

  Correct Answer  

Concerned with specific activities. , Classified according to their nature. , It deals with both i.e. past & present.

  Your Answer  

Concerned with specific activities. , Classified according to their nature. , It covers whole business

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 Multiple Choice Multiple Answer

  Question  

Management Accounting __________________.

  Correct Answer  

Designed particularly for internal use only. , Looks forward in estimating the future along with past period. , This furnishes the necessary information to management.

  Your Answer  

Designed particularly for internal use only. , Looks forward in estimating the future along with past period. , This furnishes the necessary information to management. , Only a, b, c.

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 Multiple Choice Multiple Answer

  Question  

Accounting is the art of ______________,____________ and ____________ in a significant manner and in terms of money transactions and events which are of a financial character and interpreting the res

  Correct Answer  

Summarizing , Classifying , Recording

  Your Answer  

Summarizing , Classifying , Recording

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 Multiple Choice Multiple Answer

  Question  

The process of accounting has three streams of accounting ---------------,--------and ----------------------.

  Correct Answer  

Financial Accounting , Cost Accounting , Management Accounting

  Your Answer  

Financial Accounting , Cost Accounting , Management Accounting

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 Match The Following

Question

Correct Answer

Your Answer

Personal A/C

Debit the receiver, Credit the giver

Debit the receiver, Credit 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

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 True/False

  Question  

Credit note is an intimation send to person dealing with the business that his account being debited for the purpose indicated therein.

  Correct Answer  

False

  Your Answer  

True

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 True/False

  Question  

Amount invested in purchasing Fixed Asset is a revenue expenditure.

  Correct Answer  

False

  Your Answer  

False

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 True/False

  Question  

As per double entry system o accounting , total of all debits should be equal to all credits.

  Correct Answer  

True

  Your Answer  

True

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 Multiple Choice Multiple Answer

  Question  

Convention of Consistency Materiality ________________

  Correct Answer  

The accounting policies & procedures should follow consistently on period to period , It facilitates the comparison of financial statements on period to period , If any change the fact should be disclosed with its effects on profitability

  Your Answer  

The accounting policies & procedures should follow consistently on period to period , It facilitates the comparison of financial statements on period to period , If any change the fact should be disclosed with its effects on profitability

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 Multiple Choice Multiple Answer

  Question  

Cash and---------------are the two systems of accounting.

  Correct Answer  

Mercantile

  Your Answer  

Mercantile

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 Multiple Choice Single Answer

  Question  

The opening balance of cash account is Rs. 25,000, cash received from debtors Rs. 30,000, sold goods amounted to Rs. 50,000, paid to creditors Rs. 20,000, purchase furniture Rs. 5000. What is the clos

  Correct Answer  

80,000

  Your Answer  

80,000

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 Multiple Choice Single Answer

  Question  

Bank Reconciliation statement is required in case of

  Correct Answer  

difference between the bank balance as per the bank book and as per pass book

  Your Answer  

difference between the bank balance as per the bank book and as per pass book

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 Match The Following

Question

Correct Answer

Your Answer

Error of Principle

Trial Balance does not get affected

Wrong Posting

Error of Omission

The transaction is totally omitted

The transaction is totally omitted

Error of commission

Wrong Posting

Wrong classification

Compensating Error

Wrong classification

Trial Balance does not get affected

Difference in trial balance

Transferred to suspense account

Transferred to suspense account

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 Multiple Choice Multiple Answer

  Question  

Direct Cost includes

  Correct Answer  

Direct material , Direct labour , Direct expenses

  Your Answer  

Direct material , Direct labour , Direct expenses

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 Multiple Choice Single Answer

  Question  

Labour cost indicates that labour cost which cannot be identified with the individual cost centre and is incurred for those employees who are not engaged in the manufacturing process but only assist i

  Correct Answer  

Remuneration

  Your Answer  

Indirect

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 Multiple Choice Multiple Answer

  Question  

The Prime Cost includes the aggregate of

  Correct Answer  

Direct Material Cost , Direct Labour Cost , Direct Expenses

  Your Answer  

Direct Material Cost , Direct Labour Cost , Direct Expenses

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 Multiple Choice Multiple Answer

  Question  

From the following particulars what must appear in purchase requisition

  Correct Answer  

Material to be purchased should be cleanly specified , Material should purchase whenever the market for the same is favorable , Purchase requisition should state the quantity of material required.

  Your Answer  

Material to be purchased should be cleanly specified , Purchase requisition should state the quantity of material required.

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 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 , Other amounts such as sales tax, excise duty, octroi duty

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 Multiple Choice Multiple Answer

  Question  

While fixing the maximum level following factors are considered

  Correct Answer  

Maximum usage , Storage facilities , Availability of funds

  Your Answer  

Maximum usage , Rate of consumption

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 True/False

  Question  

Fixed cost tends to vary with time rather than with level of activity.

  Correct Answer  

True

  Your Answer  

True

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 True/False

  Question  

To take make or buy decision under the marginal costing , if purchase price of the product is less than its variable cost it is advisable to go for manufacturing proposition.

  Correct Answer  

False

  Your Answer  

False

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 Multiple Choice Single Answer

  Question  

Find out the break even point and profit if sales are Rs. 50,00,000 and P/V Ratio is 50% and margin of safety is 40%

  Correct Answer  

Rs.30,00,000 and Rs.10,00,000

  Your Answer  

Rs.30,00,000 and Rs.10,00,000

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 True/False

  Question  

For better control, variances of a period may be compare with the previous period.

  Correct Answer  

True

  Your Answer  

True

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 True/False

  Question  

Expected standards are more realistic and useful for cost control.

  Correct Answer  

True

  Your Answer  

True

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 True/False

  Question  

The difference between standard cost and actual cost is termed as Variance.

  Correct Answer  

True

  Your Answer  

True

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 Multiple Choice Multiple Answer

  Question  

For reporting of variance, following propositions should be considered

  Correct Answer  

Responsibility of each individual should be defined , Reporting should be simple, clear and quick , Analysis of variance should be accurate.

  Your Answer  

Responsibility of each individual should be defined , Reporting should be simple, clear and quick , Analysis of variance should be accurate.

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 Multiple Choice Multiple Answer

  Question  

Basic three steps in Standard Costing are

  Correct Answer  

Setting standards , Comparing actuals with standards , Measurement of variance

  Your Answer  

Setting standards , Comparing actuals with standards , Measurement of variance

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 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.900/- ( Adverse )

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 Multiple Choice Single Answer

  Question  

Standard costs are the targets to be attained by the actual performance.

  Correct Answer  

Minimum

  Your Answer  

Minimum

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 Multiple Choice Single Answer

  Question  

Standard Costs are used as tool for

  Correct Answer  

Cost Control

  Your Answer  

Cost Control

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 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  

cost

  Correct Answer  

revenues

  Your Answer  

revenues

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 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

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 Select The Blank

  Question  

If the revenue expenditure is treated as ________ expenditure , it will not affect the agreement of ________ balance

  Correct Answer  

capital

  Your Answer  

capital

  Correct Answer  

trial

  Your Answer  

trial

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 Select The Blank

  Question  

While selecting source of supply ________ epartment may call for the ________ from the prospective suppliers

  Correct Answer  

purchase

  Your Answer  

purchase

  Correct Answer  

quotation

  Your Answer  

quotation

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 Select The Blank

  Question  

After material is received from the supplier, quantity actually received is compared with quantity ________-and ________-if any, are taken up with the supplier

  Correct Answer  

ordered

  Your Answer  

ordered

  Correct Answer  

variation

  Your Answer  

variation

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 Select The Blank

  Question  

Under the daily ________ sheets method, each worker is provided with a daily time sheet on which time ________ by him on various jobs is expected to be mentioned

  Correct Answer  

time

  Your Answer  

work

  Correct Answer  

spent

  Your Answer  

spent

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 Select The Blank

  Question  

4.Under the differential time rate method the wages are paid at Rs. 1.50 per hour between ________ efficiency and Rs.1.25 per hour between ________ efficiency

  Correct Answer  

101% to 125 %

  Your Answer  

90-100

  Correct Answer  

80% to90%

  Your Answer  

101% to 125 %

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 Select The Blank

  Question  

Under Gannt Task bonus system where the output is ________ payment is made as per minimum time rate, output is ________ payment is made as per time wages plus some increase in wage rates

  Correct Answer  

below standard

  Your Answer  

below standard

  Correct Answer  

at standard

  Your Answer  

at standard

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 Select The Blank

  Question  

________ and ________ are examples of element wise classification ofoverhead costs

  Correct Answer  

Idirect material

  Your Answer  

Idirect material

  Correct Answer  

indirect labour

  Your Answer  

selling overheads

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 Select The Blank

  Question  

Fixed cost is the cost that tend to remain ________ irrespective of ________

  Correct Answer  

constant

  Your Answer  

constant

  Correct Answer  

level of activity

  Your Answer  

level of activity

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 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  

Distribution

  Correct Answer  

Loading

  Your Answer  

 

 

 

 

 

 

 

 

 

 

 

 

 

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