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Accounting Practice MCQ Set 10 PDF

This document contains a set of 10 multiple choice questions related to accounting practice. It provides the questions and states that the answers and explanations can be found at Doorsteptutor.com. It covers topics like prime cost calculation, process costing applicability, variances in manufacturing overheads, random sampling in auditing, tax treatment of machinery expenditure, examples of inflows and outflows, meaning of M&A, types of insurance policies, differences between audit and special audit, and synonyms for acid test. The document directs the reader to other online resources for free study material, practice questions, and video lectures on accounting and other competitive exam topics.

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Amit Jethliya
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111 views

Accounting Practice MCQ Set 10 PDF

This document contains a set of 10 multiple choice questions related to accounting practice. It provides the questions and states that the answers and explanations can be found at Doorsteptutor.com. It covers topics like prime cost calculation, process costing applicability, variances in manufacturing overheads, random sampling in auditing, tax treatment of machinery expenditure, examples of inflows and outflows, meaning of M&A, types of insurance policies, differences between audit and special audit, and synonyms for acid test. The document directs the reader to other online resources for free study material, practice questions, and video lectures on accounting and other competitive exam topics.

Uploaded by

Amit Jethliya
Copyright
© © All Rights Reserved
We take content rights seriously. If you suspect this is your content, claim it here.
Available Formats
Download as PDF, TXT or read online on Scribd
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12/30/2019----Accounting Practice MCQs Competitive Exams Set 10- Translation in Hindi, Kannada, Malayalam, Marathi, Punjabi, Sindhi, Sindhi,

Tamil, Telgu - Examrace----Downloaded from examrace.com

Visit examrace.com for free study material, doorsteptutor.com for questions with detailed explanations, and "Examrace" YouTube channel for free
videos lectures

Accounting Practice MCQs Competitive Exams Set 10


Accounting Practice MCQ Set 6 Accounting Practice MCQ Set 7 Accounting Practice MCQ Set 8 Accounting Practice MCQ Set 9 👀 All

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

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12/30/2019----Accounting Practice MCQs Competitive Exams Set 10- Translation in Hindi, Kannada, Malayalam, Marathi, Punjabi, Sindhi, Sindhi,
Tamil, Telgu - Examrace----Downloaded from examrace.com

Visit examrace.com for free study material, doorsteptutor.com for questions with detailed explanations, and "Examrace" YouTube channel for free
videos lectures
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.

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12/30/2019----Accounting Practice MCQs Competitive Exams Set 10- Translation in Hindi, Kannada, Malayalam, Marathi, Punjabi, Sindhi, Sindhi,
Tamil, Telgu - Examrace----Downloaded from examrace.com

Visit examrace.com for free study material, doorsteptutor.com for questions with detailed explanations, and "Examrace" YouTube channel for free
videos lectures
(10) Acid test is the same as:

(a) Quick test

(b) Liquid test

(c) None of these

Answer. (a)

Get top class preperation for ISS right from your home- fully solved questions with step-by-
step exaplanation- practice your way to success.
Developed by: Mindsprite Solutions

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