Accounting Quiz 8

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?

Audit fess is a part of__________.

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

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

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%?

Petty cash fund is supposed to be replenished?

One of the most important tools in cost planning is__________?

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

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

Direct cost incurred can be identified with_______________?

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

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

A credit balance in cash book indicates?

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

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

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

IFRS 9 explains about?

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

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

Tender is an_____________?

Overhead cost is the total of ____________.

The closing balance of petty cash book is considered as_________?

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

Sales and purchase journal don?t record__________?

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

Postdated checks are considered as__________?

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

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

Cash discount is allowed on _______ repayment of debt.

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

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

Another name of journal is_____________?

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

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

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

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.

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

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

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.

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

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

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

Warehouse rent is a part of _________?

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

An average cost is also known as________?

Depreciation fund method is also known as__________?

The most common imprest system is the ________ system?

Postage stamps on hand are considered as_________?

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

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