Accounting - Study Mode

Show All Answers

[#361] Which of the following parties cannot be granted shares or share optionsby the entity?

(A) Executive director

(B) Supplier of goods and services

(C) Chief Accountant

(D) None of the above

Correct Answer

(D) None of the above

[#362] Total of the two sides of account and to find out the difference is called

(A) Totalling

(B) Trialing

(C) Balancing

(D) Analysing

Correct Answer

(C) Balancing

[#363] On 1 st January, 2005 the plant and machinery was valued at Rs. 80,000 and on 31 st December, 2005 it was valued at Rs. 1,20,000. Rs. 10,000 was written off as depreciation during the year. This will result in:

(A) Source of Funds Rs. 30,000

(B) Application of funds Rs. 50,000

(C) Application of funds Rs. 40,000

(D) Source of fund Rs. 50,000

Correct Answer

(B) Application of funds Rs. 50,000

[#364] With reference to the theory of contribution, which of the following statement is/are correct? 1. Contribution is the excess of sales over variable costs 2. Contribution is the excess of sales over total costs Select the correct answer:

(A) Only 1

(B) Only 2

(C) Both 1 and 2

(D) Neither 1 nor 2

Correct Answer

(A) Only 1

[#365] Which of the following statements is correct in regards to life-cycle costing? 1. It analyses the process of evaluating product profitability. 2. It helps planners to control costs more effectively.

(A) Only 1

(B) Only 2

(C) Both 1 and 2

(D) Neither 1 nor 2

Correct Answer

(C) Both 1 and 2