An accounting which records and measures the business transactions and is followed by generally accepted accounting principles is classified as ____________?

Related Mcqs:

1. The costs that are not incorporated in accounting records, but are recognized in different situations are classified as ___________?

   A. congruent costs
   B. imputed costs
   C. operating costs
   D. transfer costs

2. In process costing method, when the work done in current accounting period, and beginning inventory before current accounting period, is classified as _________?

   A. partial inventory costing method
   B. current period inventory method
   C. Last-in, first-out method
   D. First-in, first-out method

3. The type of accounting which measures, reports and analysis of the non-financial and financial information to help in decision making is called _____________?

   A. financial accounting
   B. management accounting
   C. cost accounting
   D. decision accounting

4. The type of accounting, which reports financial and non-financial data about the cost of material and acquiring of resources is classified as ____________?

   A. material accounting
   B. cost accounting
   C. supplies accounting
   D. business accounting

5. The fundamental redesigning and rethinking of business processes to improve critical measures such as quality, speed, cost and customer satisfaction are called ___________?

   A. reengineering
   B. differentiation
   C. bargaining
   D. targeting

6. The costs of issuing purchase orders, making of delivery records for tracking payments and costs of inspection of items are classified as _____________?

   A. stock-out costs
   B. ordering costs
   C. carrying costs
   D. purchasing costs

7. In a normal accounting period, an allocated amount of indirect cost is $700 and an actual amount is $800, then this can be classified as ____________?

   A. under allocated indirect cost
   B. over allocated direct cost
   C. over allocated budget
   D. under allocated budget

8. The process of analyzing and reviewing financial records to check the integrity of company financial reports is called __________?

   A. internal audit
   B. external audit
   C. functional audit
   D. treasury audit

9. The type of accounting which reports to external parties of the organization is known as ____________?

   A. cost accounting
   B. decision accounting
   C. financial accounting
   D. management accounting

10. An availability of financial information, to oversee operations and system of accounting is known as ____________?

    A. manager ship
    B. controllership
    C. proprietorship
    D. functional line