Accounting For Managers 41. Marginal costing is concerned with:
Fixed cost Variable cost Semi variable cost None of the above View answer Correct answer: (B)
42. The books to be compulsorily maintained by a company are:
Cash book and ledger Sales and purchase book Journal Both a and b All of a, b, c above View answer Correct answer: (E)
43. Which of the following best describes a trial balance?
It is a list of balances on the books It is a special account Shows the financial position of a business Shows all the entries in the books View answer Correct answer: (A)
44. Which of the following equation is related with Dual Aspect Concept ?
Total Assets = Total Liabilities Total Assets = Capital + Outsider’s Liabilities Capital = Total Assets - Outsider’s Liabilities All of the above View answer Correct answer: (D)
45. The prime function of accounting is to
To record economic data Provide the information basis of action Classifying and recording business transaction Attainmentofeconomic goal View answer Correct answer: (C)
46. According to schedule VI Companies Act which item is not shown on Asset side of Balance sheet
Investment Current Loan & Advances Provision Lease Holds View answer Correct answer: (C)
47. Salary paid to factory manager is an item of:
Prime cost Factory overhead Selling overhead Office overhead View answer Correct answer: (B)
48. Carriage outward is charged to
Debit side Profit & Loss a/c Debit side Trading a/c Credit side of Profit & Loss a/c Credit side of trading a/c View answer Correct answer: (A)
49. Payment received from Debtor
Decreases the Total Assets Increases the Total Assets Results in no change in the Total Assets Increases the Total Liabilities View answer Correct answer: (C)
50. Accounting does not record non-financial transactions because of:
Accrual concept Cost concept Continuity concept Money measurement concept View answer Correct answer: (D)