Accounting Mcqs

Page No. 45

Outstanding salaries is shown as___________?


aAn Asset in the Balance Sheet

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bA Liability

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cBy adjusting it in the P & L A/c

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dBoth B. and C. above

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View Answer Both B. and C. above

Property, Plant and Equipment are conventionally presented in the Balance Sheet at _________?


aReplacement cost – Accumulated Depreciation

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bHistorical cost – Salvage Value

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cHistorical cost – Depreciation portion thereof

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dOriginal cost adjusted for general price-level changes

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LIFO stands for__________?


aLots in , Few out

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bLink input, Format Output

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cLast input, First Output

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dLast in, First Out

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View Answer Last in, First Out

Net sales equals, sales minus:


aReturn outwords

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bReturn inwards

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ccost of goods sold

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dcarriage on sales

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View Answer Return inwards

_________is the cost of converting raw material into finished products?


aPrime cost

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bExplicit cost

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cJob order cost

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dConversion cost

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View Answer Conversion cost

Short term Assets expected to be converted into cash within 1 year or less than?


aCurrent Assets

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bCurrent Assets

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cCurrent Assets

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dCurrent Assets

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View Answer Current Assets

An income statement in which each item expressed as percentage of Sale?


aBalance sheet

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bincome statement

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ccommon size income statement

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dAll of the Above

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The compensation paid by the borrower of fund to lender, from the borrower point of the cost of borrowing fund is called?


aInterest Rate

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bRequired rate of return

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cNominal interest rate

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dAll of the above

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View Answer Interest Rate

Period cost include which of the following ?


aselling Expense

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bDirect labor

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cfactory overhead

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dselling Expenses & administrative expenses

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Which of the following form of business organization is least regulated?


aSole-proprietorship

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bGeneral Partnership

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cLimited Partnership

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dCorporation

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View Answer Sole-proprietorship

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