Chamber of commerce is the form-
A. Union
B. Association
C. Full consolidation
D. Partial consolidation
Select an option to see the answer and solution.
Book-keeping is an . . . . . . . . of correctly recording of business transition.
A. Art and Science
B. Art
C. Science
D. Art or Science
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When cotton ginning, cotton spinning and cotton weaving mills combine, it is:
A. Horizontal Combination
B. Vertical Combination
C. Lateral Combination
D. Diagonal Combination
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The system of recording transaction based on dual aspect concept is called:
A. Double account system
B. Double entry system
C. Single entry system
D. None of these
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Outstanding salaries are shown as:
A. Added to salaries while preparing Profit & Loss account
B. Shown in liability side of Balance sheet under Current Liability
C. A and B above
D. None of the above
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Because of automation, which component of product cost is declining?
A. Direct labour
B. Direct materials
C. Manufacturing overhead
D. Advertising
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With reference to Balance of Payments, which of the following statements is correct?
(1) Current account monitors the flow of funds from goods and services.
(2) Capital account monitors the flow of international capital transactions.
Select the correct answer from the options given below:
A. Only (1)
B. Only (2)
C. Both (1) and (2)
D. Neither (1) nor (2)
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Commercial complete compaction can be achieved by
A. Interdisciplinary direction
B. Joint trust
C. Amalgamation
D. All of these
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Authorized capital, also known as:
A. Nominal capital
B. Paid up capital
C. Issues capital
D. None of these
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Management accounting is applicable to:
A. Service entities
B. Manufacturing entities
C. Non-profit entities
D. All of these
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The main objective of financial management is
A. Maximizing sales
B. Maximizing the value of the estate
C. Maximizing profits
D. None of these
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Management Accounting provides invaluable services to management in performing:
A. All management function
B. Interpret financial data
C. Controlling function
D. None of these
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Accounting concepts are based on:
A. Certain assumptions
B. Certain facts and figures
C. Certain accounting records
D. Practice experience
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One of the following statements is wrong. Find out that Wrong statement.
A. In a contract of guarantee the liability of the surety is primary
B. In a contract of indemnity only there is one contract
C. In a contract of guarantee there is an existing debt
D. In a contract of indemnity the indemnifier can sure upon only the indemnity holder
E. In a contract of guarantee the surety after the discharge of dept proceed against the principal debtor
Select an option to see the answer and solution.
Managerial accounting information is generally prepared for . . . . . . . .
A. Shareholders
B. Creditors
C. Managers
D. Regulatory agencies
Select an option to see the answer and solution.
Cost of goods sold = opening stock + net purchases + expenses on purchases - sales. Which part of formula is wrong?
A. opening stock
B. net purchases
C. expenses on purchases
D. sales
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A company's telephone bill consisting of a Rs. 200 monthly base amount, plus long distance charges, would be classified as a:
A. Variable cost
B. Committed fixed cost
C. Direct cost
D. Semi-variable cost
Select an option to see the answer and solution.
Which one of the following is not the advantage of database management system?
A. Centralized control
B. High acquisition costs
C. Improved data integrity
D. Shared data
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Which of the following is not true with reference to capital budgeting?
A. Capital budgeting is related to asset replacement decisions
B. Cost of capital is equal to minimum required rate of return
C. Timing of cash flows is relevant
D. Existing investment in a project is not treated as sunk cost
Select an option to see the answer and solution.
FAX is used for:
A. sending telephonic message
B. sending copies of documents
C. exercising control
D. decision making
Select an option to see the answer and solution.