Related Mcqs:

1. An outside professional conducts an examination of company’s accounting records in order to determine whether the company is maintaining records according to the generally accepted accounting principles. What this examination is called ?

   A. Checking
   B. Audit
   C. Stock-taking
   D. Accounting

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

   A. external accounting
   B. internal accounting
   C. business accounting
   D. financial accounting

3. 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

4. The customer sustaining costs, customer batch-level costs and customer output-unit level costs are classified as _________?

   A. customer level indirect costs
   B. customer level direct costs
   C. corporate level direct costs
   D. corporate level indirect costs

5. The customer sustaining costs, customer batch-level costs and customer output-unit level costs are classified as _________?

   A. customer level indirect costs
   B. customer level direct costs
   C. corporate level direct costs
   D. corporate level indirect costs

6. 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

7. Which of the following are FALSE regarding the role of theories in psychology?
   1. Facts have to be integrated in terms of theoretical explanations
   2. Theories are statements of what rather than why
   3. Theories are capable of accounting for multiple facts, but cannot predict what might happen in novel situations
   4. All of the above

   A. 1 & 2
   B. 1 & 3
   C. 2 & 3
   D. 4

8. An indirect setup labor costs, costs of setup and equipment maintenance and costs of indirect material can be categorized as ______________?

   A. variable batch costs
   B. fixed batch costs
   C. variable setup costs
   D. fixed setup costs

9. Pricing to cover variable costs and some fixed costs as in the case of some automobile distributorships that sell below total costs is typical of which of the following pricing objectives ?

   A. current profit maximization
   B. product quality leadership
   C. Market share leadership
   D. Survival

10. Two kinds of rice, 1st costs Rs.13 per kg and 2nd costs Rs.19 per kg are mixed together. Find the ratio in which the 2 types are mixed so that the mixture costs Rs.14.2 per kg?

    A. 3:1
    B. 4:1
    C. 3:4
    D. 4:3
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