Accounting For Managers

111. ______________ is a person or item for which cost may be ascertained.

1. Cost unit
2. Cost centre
3. Cost object
4. Cost estimation

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112. Which of the following is not a fixed asset?

1. Building
2. Bank Balance
3. Plant Patents
4. Goodwill

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113. According to which concept business is treated as a unit apart from owner

1. Dual concept
2. Divider concept
3. Entity concept
4. Landlord concept

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114. The reduction in the value of the fixed assets which can arise due to time factor is

1. Discount
2. Depreciation
3. Reduction
4. None of the above

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115. Which of the following should not be called sales?

1. Good sold on credit
2. Office fixtures sold
3. Sale of item previously included in purchase
4. Good sold for cash

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116. Which of the following is not regarded as the fundamental accounting concept?

1. The going concern concept
2. The separate entity concept
3. The prudence (conservatism) concept
4. Correction concept

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117. Outstanding salaries are shown as:

1. Added to Salaries while preparing P & La/c
2. Shown in liability side of Balance sheet under current Liability
3. (a) &(b) above
4. None of the above

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118. Marginal costing is concerned with:

1. Fixed cost
2. Variable cost
3. Semi variable cost
4. None of the above

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119. Which of the following account balance will be shown on debit side of Trial Balance?

1. Outstanding expenses
2. Cash a/c
3. Short term loan
4. creditors

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120. Cash Purchases:

1. Increases assets
2. Results in no change in the total assets
3. Decreases assets
4. Increases liability

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