Firm A has received revenue as under 1) some revenue before the right to receive arises 2) some revenue after the right to receive has been created. If the accountant follows the revenue recognition system, in which of these cases will the receipt be recognised and not recognised?

Read the statements below regarding agency and mark these are True or False? 1 In large companies, the decision taking authority lies in the hand of shareholders 2 Shareholder as owners of a company are the principals and managers are their agents. 3 Members of business management are agents who serve the interests of the shareholders. 4 Agents work for better returns on owners' investment and, the owners reward the managers.

Which statements are True or False regarding Human Resource Accounting (HRA) 1 HRA seeks to report and emphasise the importance of knowledgeable, trained, loyal and committed employees in a company’s earning 2 HRA involves accounting for the investment in people 3 HRA studies replacement costs of people to an organisation. 4 The methods used for valuing and accounting of human resources are based on utilization of the human

There is no uniform system of maintaining the cost records and making entries under a system of standard costing. Normally, the cost variances at the end of the accounting period, may be dealt with in which of the following ways? 1 Transfer to costing profit and loss account 2 Allocation of variances to finished stock, work-in-progress and cost of sales account 3 Transfer to reserve account

The standard costing system involves which of the following components? 1 Decision on the standard costs of materials, labour and overheads, for the production line 2 Decision on the pricing of the products and preparing the budget of sales and profit 3 Finding out the variances of various cost components and analysing it and ascertaining the causes. 4 Readjusting the cost standards, pricing, estimated volume and recasting the budget to make it more profitable

Balances in the liability accounts are recorded on ___ side and balance in asset accounts are recorded on ___ side of the trial balance:

Which of the following entries will require change in Cashbook? 1 cheque issued by firm but dishonoured by bank 2 bank charges or interest on SB account or interest on overdraft 3 amount collected or paid by bank on standing instruction 4 amount directly deposited into bank by Firm's customer

XYZ purchased machinery of Rs.100000. Rate of depreciation is 10%. At WDV value method, what is the amount of depreciation for 4 years.

As per RBI guidelines, if Board of Directors of a bank decide to allow the MD & CEO or a WTD to be the ‘reporting authority' the Audit Committee of Board (ACB) shall meet the HIA at what time interval?

A bill of exchange is written by ____ and addressed to the _____. A promissory note is written by ___ and addressed to ____.

What are the main advantages of a budgetary control system? 1 It enhances the probability of achieving the planned objectives of the organisation expressed through the budget. 2 It leads to optimum utilisation of limited resourced available to the organisation. 3 The budgeted figures are generally for a future period of one year, but conditions may change too fast to keep these figures relevant. 4 It makes performance evaluation of various functionaries more transparent.

As per Accounting Standard AS-5, which of the following are the circumstances, which may give rise to a separate disclosure of items of income and expense? 1 writing-off of inventories to net realisable value 2 restructuring of the activities of an enterprise 3 disposals of items of fixed assets and long-term investments 4 legislative changes having retrospective application and litigation settlements

A premium pen manufacturing firm has fixed overheads of Rs.3 lac and variable overhead cost of Rs.120000. Cost of direct inputs is Rs.80. It produces 15000 such pens in a financial year. 1) Under marginal costing, what is variable cost per pen? 2) Under absorption costing, what is variable plus fixed cost per pen?

Which accounting standard is used for accounting for interests in joint ventures and reporting the joint venture assets, liabilities, incomes and expenses in the financial statements of the venturers and investors?

In a three columnar cash book, which of the following is not shown:

The accounting standard that deals with the reporting of related party relationships and transactions between a reporting enterprise and its related parties.

The accounting concepts used in preparation of accounts are:

Service Costing is defined as "that form of operation costing which applies where standardized services are rendered either by an undertaking or by a service cost renter with in an undertaking". This definition is provided by whom?

A computer is purchased for Rs.50000 and its salvage value is assumed as Rs.2000. What will be amount of depreciation in the 2nd year, on the basis of sum of years’ digits method, if life is 5 years.

The method of costing that involves finding out the cost of the total output and then finding out the cost of one unit by dividing the cost of total output by the number of units produced, is known as?