1. What is the basic concept of cost concept?

A. Cost ascertainment.

B. Tax compliance.

C. Financial audit

D. Profit analysis

2. In how many ways cost classification can be done?

A. Three ways

B. Two ways

C. Four ways

D. Many ways

3. A total of all the manufacture cost of product sold is known as

A. Cost of production

B. Cost of goods sold

C. Fixed cost

D. Works cost

4. What item is not included in cost accounting?

A. Product costing

B. Profit-sharing

C. Planning

D. Controlling

5.Which of the following is not an internal user of management information? a) Creditor

A. Department manager

B. Controller

C. Treasurer

6. .Managerial accounting is applicable to

A. Service entities

B. Manufacturing entities

C. Nonprofit entities

D. All of these

7.Double entry system is used in which type of accounting

A. Cost

B. Financial

C. Management

D. All

8. An accounting that deals with the accounting and reporting of information to management regarding the detail information is

A. Financial accounting

B. Management accounting

C. Cost accounting

D. Real Accounting

9. Marginal costing is concerned with:

A. Fixed cost

B. Variable cost

C. Semi variable cost

D. None of the above

10. According to which concept business is treated as a unit apart from owner a) Dual concept

A. Divider concept

B. Entity concept

C. Landlord concept

11. Financial accounting use ------- data

A. Projected data

B. External data only

C. Historic data

D. Manager data only

12. The purpose of financial accounts is reporting to

A. Management only

B. Government only

C. Investor only

D. All of these

13. Which financial statement represents the accounting equation ASSETS = LIABILITIES + OWNER'S

EQUITY

A. Income Statement

B. Cash Flow Statement

C. Balance Sheet

D. Fund Flow Statement

14. The revenue recognition principal dictates that all types of incomes should be recorded or recognized when a) Cash is received

A. At the end of accounting period

B. When they are earned

C. When interest is paid

15. Accounting is the process of matching........

A. Benefits & Costs

B. Revenues & Costs

C. Cash Inflow & Cash Outflow

D. Potential & Real Performance