(Semester) mat Objective Questions 92, When contribution is expressed as a percentage of sales, itis called (2) Inventory Turnover Ratio (©) Profit-volume Ratio (c) Liquid Ratio (d) Gross Profit to Sales Ratio The angle of incidence can be improved by reducing the (2) Semi-fixed cost (b) Selling price (©) Profit margin (d) Variable cost The systematic planning of future operations to maximise net margin is termed as (@ Operational planning (b) Marginal planning (© Profitplanning (d) Variable cost planning The initial step in preparing a budget is forecasting of (@) Cash (b) Production (©) Purchases (d) Sales In case of a partnership firm, the term ‘financial statements’ includes (a) Balance sheet (b) Trading Account and Profit and Loss Account, and Balance Sheet (©) Profit and Loss Account and Balance-Sheet (d) Trading Account, Profit and Loss Account '. Financial Statements of the sole proprietor provides information (@) For price fixation (For financial control (© To know profitability and financial position of the concern (@) For future planning . In case of a limited company the term financial statements includes (@) Profit and Loss Account and Balance Sheet (b) Profit and Loss Appropriation Account. (0. Balance-Sheet (@) Profit and Loss Account, Profit and Loss Appropriation Account and Balance Sheet 1. Which of the following item is shown in Profit and Loss Appropriation Account? {a) Preliminary Expenses (b) Provision for Bad Debts (©) Proposed Dividend (d) Provision for Taxation