Accounting Practice MCQs CS Set 10

Glide to success with Doorsteptutor material for IAS : fully solved questions with step-by-step explanation- practice your way to success.

Download PDF of This Page (Size: 90K)

For complete answers and explanations visit Doorsteptutor.com

(1) Prime cost is calculated as under:

(a) Manufacturing Cost/Cost of Goods Sold

(b) Direct Method plus factory overheads

(c) Direct labour + Direct Material

(d) None of these

Answer. (c)

(2) Process Cost is very much applicable in:

(a) Construction Industry

(b) Pharmaceutical Industry

(c) Airline company

(d) None of these

Answer. (a)

(3) The latest computation of variances of manufacturing overheads is in one the following ways:

(a) Two variance approaches

(b) Three variance approaches

(c) Four variance approaches

(d) None of these

Answer.

(4) Random sampling in auditing means:

(a) Selection through convenience sampling

(b) Selection through scientific sampling approach

(c) None of these

Answer. (b)

(5) Expenditure incurred in procuring machinery is:

(a) An admissible expenditure for tax purposes

(b) No admissible for tax purposes

(c) None of these

Answer.

(6) Increase in income constitutes:

(a) Inflows

(b) Outflows

(c) None of these

Answer. (a)

(7) M & A stands for:

(a) Mergers & Analysis

(b) Mergers & Acquisitions

(c) Mergers & Allocation

(d) None of these

Answer. (b)

(8) An endowment insurance policy can be taken in respect of:

(a) Fire insurance

(b) Accident insurance

(c) Life insurance

(d) None of these

Answer. (c)

(9) Audit and special audit are the same:

(a) In Insurance Company

(b) In Banking Company

(c) None of these

Answer.

(10) Acid test is the same as:

(a) Quick test

(b) Liquid test

(c) None of these

Answer. (a)

Developed by: