501. What will be the accounting entry in integrated accounts for the absorption of works overheads?
A. Dr. Work in progress control A/C Cr. Factory overhead control A/C
B. Dr. Factory overhead A/C Cr. Factory overhead control A/C
C. No Entry is required
D. Both A and B
502. The accounting entry in integrated accounts for recording sales will be:
A. Dr. Cost ledger control A/C Cr. Profit and loss A/C
B. Dr. Debtors or cash A/C Cr. sales A/C
C. Both A and B
D. None of the above
503. Under the integral system, the accounting entry for recording depreciation charges on machinery will be:
A. Dr. Depreciation A/C Cr. Machinery A/C
B. Dr. Factory overhead control A/C Cr. Machinery A/C
C. Both A and B
D. None of the above
504. Integral accounts eliminate the necessity of operating:
A. Cost ledger control account
B. Stores ledger control account
C. Both A and B
D. Overhead adjustment account
505. Which of the following items is not included in cost accounts?
A. Interest received on bank deposits
B. Debenture interest
C. Damages payable at law
D. Dividend paid on share capital
E. All of the above
506. Which of the following items is included in cost accounts?
A. Transfer to general reserve
B. Charitable donation
C. Notional rent
D. Cost Accounts
507. Idle capacity of a plant is the difference between?
(A) Maximum capacity and practical capacity
(B) Practical capacity and normal capacity
(C) Practical capacity and capacity based on sales expectancy
D) Maximum capacity and actual capacity.
508. The fixed-variable cost classification has a special significance in the preparation of?
A) Flexible Budget
(B) Master Budget
(C) Cash Budget
(D) Capital Budget
509. Which of the following is an accounting record?
(A) Bill of Material
(B) Bin Card
C) Stores Ledger.
(D) All of these.
510. Which of the following is not a relevant cost?
(A) Replacement cost
B) Sunk cost
(C) Marginal cost
(D) Standard cost.
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