Financial Accounting MCQS with Answers
The cost flow must match the
Workflow
Outflow
Inflow
Output
What is negotiable instrument?
None
A document which is transferable
A document which is accepted
A document which is not transferable
Hypothetical cost which are specially computed outside the accounting system for the purpose of decision making is called
Future cost
Sunk cost
Replacement cost
Imputed cost
The cost of holding the stock in storage is called
Material cost
All of the above
Ordering cost
Caring cost
Name the main accounts which are prepared in accounting?
Assets, liabilities and expenses
Assets, owner’s equity, income and expenses
Assets, liabilities, income and expenses
Assets, liabilities, income and revenue
What is accumulated depreciation?
Sum of all depreciations in different accounting year
None
Depreciations of accounting year
Depreciation expense of the current year
Realisation concept is the concept in which revenue is ———— at the time when goods are sold or services rendered.
Not recognized
Recognized
Paid
Received
Excess of assets over liabilities is known as:
All options are correct
Accumulated fund
Surplus fund
Capital fund
A cost whose magnitude will be affected by decision being made is called
Irrelevant cost
Sunk cost
Historical cost
Relevant cost
Cost which is calculated before manufacture operation is called
None of above
Standard cost
Mixed cost
Sunk cost
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