Financial Accounting MCQS with Answers Set 1

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Financial Accounting MCQS with Answers
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Lead time is the time between the time on item reaches ————— and ———- of
Order level, actual receipt
Order level, dispatch of material
Maximum level, minimum level
Order level, maximum level

Cost which cannot be conveniently identified with individual cost unit is called
Indirect labour cost
Caring cost
Direct material cost
Indirect material cost

Any written evidence of a business transaction is known as
Credit note
Debit note

Which one of the following is not a negotiable instrument?
Promissory note
Bill of exchange
None of the above

In operating expense includes
All of the above
Selling expense
Admin expense
Marketing expense

Costs whose consumption may be identified with specific production units in called
Indirect labour cost
Indirect material cost
Direct material cost
Direct labour cost

Material are charged to production at actual cost under
LIFO method
FIFO method
Weighted average method
Both ii & iii

The stages of accounting cycle are
Transaction-ledger-journal-trial balance-final accounts
Transaction-journal-ledger-trial balance-final accounts
Transaction-journal-ledger-final accounts-trial balance
Transaction-journal-trial balance-ledger-final accounts

Office salaries are include in
Indirect material cost
Total payroll
Direct material cost
Factory overhead cost

Variable cost and fixed cost have been treated as product cost in
Direct costing
Absorption costing
All of above
Full costing

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