LIST OF ATTEMPTED QUESTIONS AND ANSWERS

Multiple Choice Multiple Answer Question The selection of the supplier may depend upon the following aspects: Correct Answer Geographical location of the supplier , Price quoted by the supplier , Goodwill of the supplier Your Answer Geographical location of the supplier , Price quoted by the supplier , Goodwill of the supplier Multiple Choice Single Answer Question Net book value of loose tools as on 1st April, 2003 was Rs.45,000/-. As on 31st March, 2004 the management felt that the real worth of these loose tools is only Rs.30,000/-. What can be done to achieve the desired reduction in the net book value of loose tools? Correct Answer By providing depreciation to the extent of Rs.15,000/Your Answer By providing depreciation to the extent of Rs.15,000/-

True/False Question

Overhead absorption rate will be different at different capacity levels.

Correct Answer True Your Answer True

Select The Blank Question The budget that represents the funds investment for expansion, diversification, etc. is known as ________. Correct Answer Capital expenditure budget Your Answer Capital expenditure budget

Select The Blank Question The ________ variance is the difference between the actual variable overhead incurred and the standard variable overhead charged to production. Correct Answer Total variable overhead Your Answer Total variable overhead

Multiple Choice Single Answer Question The cost that indicates historical cost, which is incurred in past, is known as Correct Answer Sunk cost Your Answer Sunk cost

Select The Blank Question Information as to the cost and profit / loss associated with the firm's operations is provided to the ________ by Management accounting. Correct Answer Management