Accounting For Managers MCQS With Answers 41 to 50

 

Accounting For Managers

41. Marginal costing is concerned with:

1. Fixed cost
2. Variable cost
3. Semi variable cost
4. None of the above

Correct answer: (B)
Variable cost

42. The books to be compulsorily maintained by a company are:

1. Cash book and ledger
2. Sales and purchase book
3. Journal
4. Both a and b
5. All of a, b, c above

Correct answer: (E)
All of a, b, c above

43. Which of the following best describes a trial balance?

1. It is a list of balances on the books
2. It is a special account
3. Shows the financial position of a business
4. Shows all the entries in the books

Correct answer: (A)
It is a list of balances on the books b) It is a special account

44. Which of the following equation is related with Dual Aspect Concept ?

1. Total Assets = Total Liabilities
2. Total Assets = Capital + Outsider’s Liabilities
3. Capital = Total Assets - Outsider’s Liabilities
4. All of the above

Correct answer: (D)
All of the above

45. The prime function of accounting is to

1. To record economic data
2. Provide the information basis of action
3. Classifying and recording business transaction
4. Attainmentofeconomic goal

Correct answer: (C)
Classifying and recording business transaction

46. According to schedule VI Companies Act which item is not shown on Asset side of Balance sheet

1. Investment
2. Current Loan & Advances
3. Provision
4. Lease Holds

Correct answer: (C)
Provision

47. Salary paid to factory manager is an item of:

1. Prime cost
2. Factory overhead
3. Selling overhead
4. Office overhead

Correct answer: (B)
Factory overhead

48. Carriage outward is charged to

1. Debit side Profit & Loss a/c
2. Debit side Trading a/c
3. Credit side of Profit & Loss a/c
4. Credit side of trading a/c

Correct answer: (A)
Debit side Profit & Loss a/c

49. Payment received from Debtor

1. Decreases the Total Assets
2. Increases the Total Assets
3. Results in no change in the Total Assets
4. Increases the Total Liabilities

Correct answer: (C)
Results in no change in the Total Assets

50. Accounting does not record non-financial transactions because of:

1. Accrual concept
2. Cost concept
3. Continuity concept
4. Money measurement concept

Correct answer: (D)
Money measurement concept

Accounting For Managers

Wednesday, December 29, 2021

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