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Fani Warraich
MANAGEMENT SCIENCES
-
Cost & Management Accounting
A company has the following costs: Direct Materials: Rs. 100,000 Direct Labor: Rs. 150,000 Overheads: Rs. 50,000 (25% of which is fixed) Opening Inventory: Rs. 20,000 Closing Inventory: Rs. 30,000 What is the COGS?
A. 250,000.
B. 240,000.
C. 260,000.
D. None of the above.
Fani Warraich
MANAGEMENT SCIENCES
-
Cost & Management Accounting
What is the primary purpose of calculating the Cost of Goods Sold (COGS)?
A. To determine the cost of producing goods.
B. To determine the selling price of goods.
C. To determine the profit margin of goods sold.
D. To determine the value of inventory.
Fani Warraich
MANAGEMENT SCIENCES
-
Financial Accounting
A company pays rent for a full year upfront on January 1st for $12,000. How should this transaction be recorded in the journals?
A. Debit Rent Expense $12,000, Credit Cash $12,000..
B. Debit Prepaid Rent $12,000, Credit Cash $12,000..
C. Debit Rent Expense $1,000 (monthly rent), Credit Cash $1,000 (recorded monthly for 12 months)..
D. The recording depends on the company's accounting policy for prepaid expenses..
Fani Warraich
MANAGEMENT SCIENCES
-
Financial Accounting
A company has a trial balance that balances perfectly. Does this guarantee the absence of errors in the journals and general ledger?
A. It depends on the type of error; some might not affect the trial balance..
B. Yes, a balanced trial balance confirms no errors..
C. No, errors can still exist and cancel each other out..
D. The trial balance doesn't provide any information about journal errors..
Fani Warraich
MANAGEMENT SCIENCES
-
Financial Accounting
Company A uses a single general journal for all transactions, while Company B utilizes a sales journal and a purchases journal. Which company is likely to be more efficient in recording transactions?
A. Company A, as it simplifies the recording process..
B. It depends on the transaction volume; neither has an inherent advantage..
C. Company B, as special journals improve efficiency..
D. Both companies will have the same level of efficiency..
Fani Warraich
MANAGEMENT SCIENCES
-
Financial Accounting
A company mistakenly recorded a purchase of inventory for $10,000 as an expense. How can a strong internal control system help identify this error most effectively?
A. Segregation of duties between purchasing and accounting departments is crucial..
B. Daily bank reconciliations will highlight the discrepancy..
C. Reviewing general ledger accounts for unusual activity is sufficient..
D. Both (a) and (b) are correct..
Fani Warraich
MANAGEMENT SCIENCES
-
Financial Accounting
Which of the following statements is NOT true about the relationship between the chronological journal and the general journal?
A. The chronological journal records transactions in the order they occur..
B. Transactions are first recorded in the chronological journal before being posted to the general ledger. pen_spark.
C. The general journal provides a detailed explanation for each transaction..
D. Both journals are essential for maintaining a complete record of financial activities..
Fani Warraich
MANAGEMENT SCIENCES
-
Audit & Assurance
What is the primary purpose of issuing an auditor's report?
A. To express an opinion on the fairness of the financial statements.
B. To provide recommendations for improving internal controls.
C. To communicate findings from audit procedures to management.
D. To assess the effectiveness of risk management practices.
Fani Warraich
MANAGEMENT SCIENCES
-
Audit & Assurance
Which of the following types of audit evidence is generally considered the most reliable?
A. Oral representations made by management.
B. Documentary evidence obtained from independent third parties.
C. Internal memos prepared by the client's staff.
D. Electronic records maintained by the client's IT department.
Fani Warraich
MANAGEMENT SCIENCES
-
Audit & Assurance
Which of the following best describes the purpose of analytical procedures in an audit engagement?
A. Confirming the existence of specific assets with third parties.
B. Testing the effectiveness of internal controls.
C. Evaluating compliance with regulatory requirements.
D. Identifying unusual or unexpected fluctuations in account balances.
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MANAGEMENT SCIENCES
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Cost & Management Accounting
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