(A) Double Entry
(B) Going Concern
(C) Separate Entry
(D) Materiality
Tag: Financial Accounting Mcqs
Gross Profit is the difference between?
(A) Net Sales and Cost of goods sold
(B) PAT and Dividends
(C) Net Sales and Cost of production
(D) Net Sales and Direct costs of productions
Which English alphabet is similar to the shape of an account?
(A) I
(B) T
(C) H
(D) None
Maximum capacity of a plant refers to its:
(A) Theoretical capacity
(B) Normal capacity
(C) Practical capacity
(D) Capacity based on sales expectancy
The capacity which is based on the long-term average of sales expectancy is known as :
(A) Theoretical capacity
(B) Operating capacity
(C) Normal capacity
(D) Derated capacity
Idle capacity of a plant is defined as the difference between :
(A) Practical capacity and normal capacity
(B) Practical capacity and capacity based on sale expectancy
(C) Maximum capacity and actual capacity
(D) Maximum capacity and practical capacity
Which of the following is not a means whereby factory overheads can be charged out to production?
(A) Direct labour rate
(B) Overtime rate
(C) Machine hour rate
(D) Blanket rate
An overhead absorption rate is used to :
(A) Share out common costs over benefiting cost centres
(B) Find the total overheads for a cost centre
(C) Charge overheads to products
(D) Control overheads