Accounting Mcqs

Page No. 33

Any written evidence in support of a business transaction is called


aJournal


bLedger


cLedger posting


dVoucher


View Answer Voucher

The sales income (Credit and Cash) of a business during a given period is called


aTransactions


bSales Returns


cTurnover


dPurchase Returns


View Answer Turnover

The debts which are to be repaid within a short period (year or less) are known as


aCurrent liabilities


bFixed liabilities


cContingent liabilities


dAll of the above


View Answer Current liabilities

Patents, Copyrights and Trademarks are


aCurrent assets


bFixed assets


cIntangible assets


dInvestments


View Answer Intangible assets

The assets that can be converted into cash within a short period (i.e. 1 year or less) are known as


aCurrent assets


bFixed assets


cIntangible assets


dInvestments


View Answer Current assets

The long term assets that have no physical existence but are rights that have value is known as


aCurrent assets


b Fixed assets


cIntangible assets


dInvestments


View Answer Intangible assets

Accounting provides information on


a Cost and income for managers


b Company's tax liability for a particular year


c Financial conditions of an institutions


d All of the above


View Answer All of the above

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


a1,600


b1,500


c1,000


d1,800


View Answer 1,500

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%?


a18,387


b18,560


c18,750


d19,000


View Answer 18,387

One of the most important tools in cost planning is__________?


aDirect cost


bCost Sheet


cBudget


dMarginal Costing.


View Answer Budget

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