Accounting Quiz 8

IFRS 9 explains about?

Overhead cost is the total of ____________.

The cost of obsolete inventory acquired several years ago, to be considered in a keep vs. disposal decision is an example of :

A cash book with cash, bank and discount column is commonly referred as________?

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

Which of the following specialised journals will record ?goods returned by the BUSINESS ??

Cash discount is allowed on _______ repayment of debt.

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

Which of the following account with normal balance is shown at the credit side of a trial balance?

Find the cost of goods sold if goods are sold for 2,000 at 25% profit on cost?

An average cost is also known as________?

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?

Payment of rent expenses is recorded on which side of cash book?

Tender is an_____________?

Sales on credit is recorded in which of the following journal?

The most common imprest system is the ________ system?

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

A Ltd. Has sales of 2,200, total fixed cost of 570, variable cost of 1,540, raw material consumed of ` 1,100, number of units sold 22,000. What shall be the BEP 9 in units) if raw material price is reduced by 2%?

Cash received from debtor is recorded in which of the following SPECIALIZED journals?

Warehouse rent is a part of _________?

If the minimum stock level and average stock level of raw material are 4,000 and 9,000 units respectively, find out its reorder quantity.

If the asset turnover and profit margin of a company are 1.85 and 0.35 respectively, the return on investment is.

A worker has a time rate of 15/hr. He makes 720 units of component (standard time : 5 minutes/ unit) in a week of 48 hours. His total wages including Rowan bonus for the week is

One of the most important tools in cost planning is__________?

Which English alphabet is similar to the shape of an account?

Introduction capital by owner of business is recorded on which side of a cash book?

Which of the following is a type of cash receipt journal + cash payment journal?

Costs that change in response to alternative courses of action are called___________?

Drawings by owner of business are generally recorded on which of the following side of a cash book?

Sales and purchase journal don?t record__________?

Which of the following specialized journals records ?goods returned by customers??

Direct cost incurred can be identified with_______________?

Depreciation fund method is also known as__________?

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

Discount received is recorded on which of the following side of a cash book?

Postage stamps on hand are considered as_________?

The closing balance of petty cash book is considered as_________?

When production is equal to sales, which of the following is TRUE?

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

Audit fess is a part of__________.

Another name of journal is_____________?

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

A company is currently operating at 80% capacity level. The production under normal capacity level is 1,50,000 units. The variable cost per unit is ` 14 and the total fixed costs are ` 8,00,000. If the company wants to earn a profit of ` 4,00,000, then the price of the product per unit should be

Postdated checks are considered as__________?

Transactions that a BUSINESS doesn?t record in any specialised journal are recorded in which of the following journals or day books?

Petty cash fund is supposed to be replenished?

The total cost incurred in the operation of a business undertaking other than the cost of manufacturing and production is known as________?

A credit balance in cash book indicates?

Which of the following is generally not the party to a check?

The process of paying off debt over time in regular installment of interest & principal sufficient to repay the loan in fully by its maturity date.