Financial Accounting MCQS with Answers Set 2

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Financial Accounting MCQS with Answers
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Historical cost which is irrecoverable in a given situation is called
Imputed cost
Sunk cost
Opportunity cost
Standard cost

Bin card is maintained by
Sales manager
Purchase manager
Store keeper
Finance manager

Difference in cost of alternative choices is called
Variable costing
Total costing
Differential costing
Full costing

Purchase Requisition is sent to
Accounts department
None of above
Purchase department
Finance department

Endorsement is made:
For settlement of profit
For settlement of income
For settlement of debts

Sales prices is calculated as follow:-
Cost + operating expenses + profit
None of above
Direct material + Direct labour + F.o.H
Cost + operating expense

If spoiled goods are considered a normal part of production process than debit to
F.o.H control
General expense
None of above
Work in process

Section of the business to which cost can be charged is termed as
Cost center
Cost driver
All of above
Cost unit

Depreciation is a loss due to wear and tear of an asset.
May be

Doubtful debts are shown on:
Not shown anywhere
Liabilities side of balance sheet
Asset side of balance sheet
Profit side of statement of profit and loss

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