Accounting for Managers exam quiz with answer

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Accounting for Managers

1 / 20

Q: 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

2 / 20

Q: Interest on drawings is:

1) Expenditure for the business

2) Cost for the business

3) Gain for the business

4) None of the above

3 / 20

Q: Cost of goods sold= opening stock+ net purchases+ expenses on Purchases – sales Which part of formula is wrong?

1) opening stock

2) net purchases

3) expenses on Purchases

4) sales

4 / 20

Q: Proposed dividends” is shown in the Balance Sheet of a company under the head:

1) Provisions

2) Reserves and Surplus

3) Current Liabilities

4) Other Liabilities

5 / 20

Q: Information about an item is…if its omission or misstatement might influence the financial decision of the users taken on the basis of that information

1) Concrete

2) Complete

3) ImMaterial

4) Material

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Q: The term Management Accounting was first used in

1) 1910

2) 1939

3) 1950

4) 1960

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Q: Which of the following is not an example of real a/c:

1) Machinery

2) Building

3) Cash

4) Creditor

8 / 20

Q: Income tax paid by a sole proprietor on his business income should be:

1) Debited to trading account

2) Debited to profit and loss account

3) Deducted from capital account in the balance sheet

4) None of the above

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Q: Management accounting is applicable to

1) Service entities

2) Manufacturing entities

3) Non profit entities

4) All of these

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Q: Fixed assets and current assets are categorized as per concept of:

1) Separate entity

2) Going concern

3) Consistency

4) Time period

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Q: 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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Q: 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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Q: Cost of asset should always be equal to the cost of the liabilities. This concept is

1) Double Entry Bookkeeping

2) Matching Concept

3) Consistency

4) Money measurement Concept

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Q: The convention of disclosure implies that all material information should be

1) Disclosed in the account

2) Disclosed in the accounts which is required to owner

3) Not disclosed

4) None of these

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Q: The primary objective of cost accounting is

1) Ascertain the cost of goods and services

2) Ascertain the profit

3) Presentation of all data

4) None of these

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Q: Amount brought in by proprietor should be credited to

1) cash account

2) capital account

3) drawings account

4) creditors account

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Q: Return of goods by a customer should be debited to

1) Customers account

2) Sales return account

3) Goods account

4) Purchase account

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Q: “A…reports on a company’s cash flow activities, particularly its operating, investing and financing activities.”

1. Income statement

2. cash flow statement

3. Balance Sheet

4. Profit and loss statement

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Q: “…also referred to as the statement of Source and Application of Funds provides insight into the movement of funds and helps to understand the changes in the structure of assets, liabilities and equity capital.”

1. Cash Flow Statement

2. Statement of Changes in working capital

3. Statement of Changes in Financial Position

4. Fund Flow Statement

20 / 20

Q: Maximum no .of members in case of public company is

1. 0

2. unlimited

3. 50

4. 100

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FAQ Accounting for Managers exam quiz

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