Accounting - Study Mode

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[#1711] . . . . . . . . is considered as the father of modern accounting system-

(A) J. R. Batliboi

(B) Louis First

(C) Lucas Pacioli

(D) Philip Kotler

Correct Answer

(C) Lucas Pacioli

[#1712] Which of the following are the benefits of responsibility accounting? 1. It facilitates the centralisation of decision taking. 2. It provides a system of closer control. 3. It measures the performance of individuals in an objective manner. 4. It develops a sense of cost consciousness among managers and their subordinates.

(A) 1, 2 and 3

(B) 2, 3 and 4

(C) 1, 2 and 4

(D) 1, 3 and 4

Correct Answer

(C) 1, 2 and 4

[#1713] Opening stock Rs. 80,000, closing stock Rs. 1,00,000, cost of goods sold Rs. 3,60,000. Hence stock turnover is

(A) 2 times

(B) 4 times

(C) 4.5 times

(D) None of these

Correct Answer

(B) 4 times

[#1714] A limited company follows the written down value method of depreciating machinery year after year due to

(A) Comparability

(B) Convenience

(C) Consistency

(D) None of these

Correct Answer

(C) Consistency

[#1715] The term banking is defined in section . . . . . . . .

(A) Section 5 of Banking Regulation Act

(B) Section 4

(C) Section 7

(D) None of these

Correct Answer

(A) Section 5 of Banking Regulation Act