Accounting For Managers

41. Marginal costing is concerned with:

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

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42. The books to be compulsorily maintained by a company are:

1. Cash book and ledger
2. Sales and purchase book
3. Journal
4. Both a and b
5. All of a, b, c above

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43. Which of the following best describes a trial balance?

1. It is a list of balances on the books
2. It is a special account
3. Shows the financial position of a business
4. Shows all the entries in the books

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44. Which of the following equation is related with Dual Aspect Concept ?

1. Total Assets = Total Liabilities
2. Total Assets = Capital + Outsider’s Liabilities
3. Capital = Total Assets - Outsider’s Liabilities
4. All of the above

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45. The prime function of accounting is to

1. To record economic data
2. Provide the information basis of action
3. Classifying and recording business transaction
4. Attainmentofeconomic goal

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46. According to schedule VI Companies Act which item is not shown on Asset side of Balance sheet

1. Investment
2. Current Loan & Advances
3. Provision
4. Lease Holds

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47. Salary paid to factory manager is an item of:

1. Prime cost
2. Factory overhead
3. Selling overhead
4. Office overhead

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48. Carriage outward is charged to

1. Debit side Profit & Loss a/c
2. Debit side Trading a/c
3. Credit side of Profit & Loss a/c
4. Credit side of trading a/c

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49. Payment received from Debtor

1. Decreases the Total Assets
2. Increases the Total Assets
3. Results in no change in the Total Assets
4. Increases the Total Liabilities

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50. Accounting does not record non-financial transactions because of:

1. Accrual concept
2. Cost concept
3. Continuity concept
4. Money measurement concept

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