Depreciation is calculated on the book value (diminishing value) in case of:

A section of the organisation as part of Budgetary control system, with clearly defined functions is known as?

Who advises the Central Government on the formulation and laying down of accounting policies and accounting standards for adoption by the corporate sector?

The costs expected to be incurred to produce goods or provide a service under anticipated conditions, keeping in view the prevailing market conditions, is known as?

The Unit and single-output costing method can be used in which of the following cases? 1 Where a firm is producing a single article on large scale by continuous manufacture. 2 Where the units produced are identical. 3 Where the products are heterogenous. 4 Where a firm is producing two or more grades of one product.

Read the following statements in relation to Accounting Standard AS-14 and mark these as True or False? 1 AS-14 deals with the accounting for amalgamation and the treatment of any resultant goodwill or reserves. 2 Definition of amalgamation should be taken as given in Companies Act, 2013 3 Amalgamation does not includes ‘merger’. 4 The standard does not deal with cases of acquisitions, which arise when there is a purchase by one company of the whole or part of the shares, or the whole or part of the assets, of another company.

Read the statements below regarding marginal costing and find which ones are True? 1 In marginal costing only variable costs are charged to operations, processes or products 2 All indirect costs are written off against capital, in the period in which they arise. 3 Marginal cost brings out the relationship between profit and volume of output. 4 Concept of contribution occupies a very important role in marginal costing.

Which of the following statement is not true:

If Goods and Services Tax (GST) Returns are not filed within time, what is the late fee?

IFRS requires which of the following financial statements to be included? 1 balance sheet, 2 income statement and statement of comprehensive income 3 changes in equity, 4 cash flow statement and footnotes. (2-It is income statement only)

Read the statements below regarding the differences between the marginal costing and absorption costing. Which of these are True or False? 1 In marginal costing, the fixed overhead costs are not allocated to the product whereas, it is allocated in case of absorption costing. 2 Cost-volume-profit relationship is used in absorption costing while in marginal costing, it is not used. 3 Costs are classified into fixed costs and variable costs under marginal costing. In absorption costing, there is no such classification. 4 The valuation of finished goods inventory is different in both the methods.

In case of standard costing, if there is difference between the actual costs and the standard costs, it is charged to which account?

Chartered Institute of Management Accountants (CIMA), London defines a unit of cost as “a unit of _____ in relation to which costs are ascertained”.

As per AS-23, an enterprise in which the investor has significant influence which is neither a subsidiary nor a joint venture of the investor, is called?

Gross trial balance is prepared in which of the following stages? 1 Take totals of debit and credit columns of each ledger account. 2 Take totals of receipts and payments of cashbook 3 Write names of all accounts as per the ledger and cash book onto a statement. 4 Enter the debit and credit totals against each item 5 Take total of debit and credit columns.

Production Cost Budget shows the calculated costs of production. As per the components of cost of products, this budget may be a combination of three budgets 1) Materials budget, 2) Labour budget, 3) _____ budgets.

Depending upon which cost element is involved, the cost variances can be divided into the following three broad categories. These are 1) Material cost variance, 2) Labour cost variance, 3) _______ variance

Original cost of an equipment is Rs.1.60 lac and useful life of 5 years. If the scrap value is Rs.10000, what is the written down value at the end of 3rd year under SLM?

Which of the following are true for assumptions regarding a going concern entity? 1 the business will continue to operate for a long time 2 The enterprise is viewed as continuing in operation, at least in the near future. 3 The owners have neither the intention, nor the necessity, to wind up or liquidate its operations. 4 the business will earn profits

Company-B is producing medical syringes. Its fixed cost is Rs.2 lac, variable cost Rs.200 per unit and sale price Rs.300. It sold 5000 syringes during the financial year. If total manufacturing capacity is 10000 units, what is capacity utilization break-even percent?