Question Answer

Management accountancy is a structure for  Decision making 

The prime function of management accounting is to: Assist the management in performing its
functions effectively
Under which of the following kinds of business concepts it is assumed that organization will last for a Going Concern Entity
long time.
Accounting Principles are generally based on Practicability
Basic function of Financial accounting is__________ Record the transactions of business
The Policy of ‘anticipate no profit and provide for all possible losses’ arises due to convention of Conservatism
It is assumed that only those transactions that could be expressed in monetary terms, under which of Money Measurement Entity
the following concepts:         
A document sent by our company to supplier which indicates that balance in supplier's account is Debit Note
being reduced by amount of purchase returns or purchase allowances is called as _____.
Every transactions has two aspects i.e., debit and credit, under which of the following accounting Dual Aspect Principle
principles:
Depriciation is the example of_______________concept. Matching
Journal entry which contains more than 2 A/Cs is called as : Adjusting journal entry
A debit may signify : Increase in asset A/C
Which of the following is a liability A/C : Accounts payable
Outstanding rent is Liability
Assets sold on credit are recorded in : Sales day book
Equity of debits and credit can be tested by preparing : Trial Balance
Roberts D'souza gives Rs5 Lakhs cheque to his proprietary firm. Accountant should ----- Debit bank A/C and credit capital A/C
Anything for which a separate measurement of cost is desired may be defined as Cost Object
A cost that is easily traceable to a cost object is known as: Direct cost
Direct material cost + direct labor cost + other variable costs is equal to Contribution
Contribution/sales is equal to… P/V  ratio
The term gross margin refers to… Contribution
At B.E.P. Contribution is = ………………………………………….. Fixed Cost
An industry is selling a product for Rs. 10 per unit. The fixed cost for assets is Rs. 40000 with variable 10,000
cost of Rs. 6 per unit. How many units should be produced to break even?
In ‘make or buy’ decisions, it is profitable to buy from outside only when the suppliers price is below Variable Cost
the firm’s own –