Costing - Study Mode

[#286] According to which of the following methods of valuation, issuances are linked to current economic prices?
Correct Answer

(A) LIFO method

[#287] . . . . . . . . is the oldest branch of accounting.
Correct Answer

(A) Financial accounting

[#288] Process a/c is ________.
Correct Answer

(A) nominal a/c

Explanation

Solution: Process a/c is nominal a/c. A process account which is similar to a ledger account in financial accounting is an equivalent of a nominal account.

[#289] Profit to be transferred to profit and loss a/c, if the contract is complete to the extent of only 20% is ________.
Correct Answer

(A) nil

Explanation

Solution: Profit to be transferred to profit and loss a/c, if the contract is complete to the extent of only 20% is nil.

[#290] Operating cost is usually ascertained through ________.
Correct Answer

(D) a statement

Explanation

Solution: Operating cost is usually ascertained through a statement. Operating costs are expenses associated with the maintenance and administration of a business on a day-to-day basis.