Muhammad Tayyab Ikhlas MANAGEMENT SCIENCES - Cost & Management Accounting

In a manufacturing company product cost include

A. Material + Labour + Overhead cost. B. Labor + overhead cost. C. All of these. D. None of these.

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Muhammad Tayyab Ikhlas MANAGEMENT SCIENCES - Cost & Management Accounting

Cost volume profit analysis is the method used to estimate the impact on profit is of changes in

A. Sale volume. B. Unit sale price. C. Unit variable cost. D. All of these.

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Muhammad Tayyab Ikhlas MANAGEMENT SCIENCES - Cost & Management Accounting

The master budget comprises of

A. A balance sheet. B. An income statement. C. Cash budget. D. All of above.

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Muhammad Tayyab Ikhlas MANAGEMENT SCIENCES - Financial Accounting

The valuation of closing stock is at

A. Market price or cost whichever is lower. B. Market price. C. Cost price. D. None of these.

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Explanation

As per materiality concept, on account of playing safe, accountant must record assets at lower of either market or cost price.

Fani Warraich

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Muhammad Tayyab Ikhlas MANAGEMENT SCIENCES - Financial Accounting

Preliminary expenses are

A. Deferred cost. B. Prepaid expenses. C. Ficticous assets. D. None of these.

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Muhammad Tayyab Ikhlas MANAGEMENT SCIENCES - Financial Accounting

A prospectus for share can be issued only by

A. A private company. B. A public company. C. Semi Government. D. Autonomous bodies.

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Muhammad Tayyab Ikhlas MANAGEMENT SCIENCES - Financial Accounting

In the event of dissolution of a partnership firm the provision for doubtful debts is transferred to

A. Liquidation account. B. Suspense account. C. Realization account. D. None of these.

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Muhammad Tayyab Ikhlas MANAGEMENT SCIENCES - Financial Accounting

Rent paid to the land lord should be credited to

A. Cash account. B. Rent account. C. Landlord account. D. None of these.

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Muhammad Tayyab Ikhlas MANAGEMENT SCIENCES - Financial Accounting

Accounting principles are generally based on the principle of

A. Subjectivity. B. Ease of recording. C. Practibility. D. None of these.

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Fani Warraich MANAGEMENT SCIENCES - Public Finance

With reference to the “G20 Common Framework”, consider the following statements. 1. It is an initiative endorsed by the G20 together with the Paris Club. 2. It is an initiative to support Low Income Countries with unsustainable debt. Which of the statements given above is/are correct?

A. 1 only. B. 2 only. C. Both 1 and 2. D. None of these.

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In a manufacturing company product cost include

Cost volume profit analysis is the method used to estimate the impact on profit is of changes in

The master budget comprises of

The valuation of closing stock is at

Preliminary expenses are

A prospectus for share can be issued only by

In the event of dissolution of a partnership firm the provision for doubtful debts is transferred to

Rent paid to the land lord should be credited to

Accounting principles are generally based on the principle of

With reference to the “G20 Common Framework”, consider the following statements. 1. It is an initiative endorsed by the G20 together with the Paris Club. 2. It is an initiative to support Low Income Countries with unsustainable debt. Which of the statements given above is/are correct?

MANAGEMENT SCIENCES