521. A systematic way to maintain the books of accounts is called_________?
A: Accountancy
B: Economics
C: Book Keeping
D: Auditing
522. An Art of reading, classifying & Summarizing of accounts in a systematic way is called__________?
A: Accounting
B: Accountancy
C: Auditing
D: Book Keeping
523. The maintenance of accounts in a systematic way is called__________?
A: Accounting
B: Reading
C: Book Keeping
D: Auditing
524. Goods returned by the customer are termed as:
A: Purchase return
B: Customer return
C: Sales return
D: Inventory return
525. When by-products are of small total value, its accounting should be by :
A. Distributing a piece of joint expense for by items
B. Solid worth of by-items ought to be treated as incidental pay and moved to P and L A/C.
C. Solid worth of by-items ought to be allocated over the principal items
D. Any of these
526. Net reliable value of by-products at the split-off point should be calculated by the reverse cost method when :
A. By-products are of small total value
B. By-products are of considerable value
C. By-products require further processing for their sale
D. None of them
527. Cost per unit is the average cost is applicable in :
A. Job costing
B. Multiple costing
C. Operating costing
D. Contract costing
528. Trimmings in the timber industry should be treated as a :
A. Waste
B. By-Product
C. Scrap
D. Joint product
529. The method of accounting for joint product costs that will produce the same gross profit rate for all the products is :
A. Sales value method
B. Physical measure method
C. Average unit cost method
D. All of these
530. Which of the following methods of accounting for by-products should be applied when the by-product is to be utilized in the undertaking itself as material for some other process?
A. Sales value method
B. Opportunity cost method
C. Other income method
D. Reverse cost method
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