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LIST OF ATTEMPTED QUESTIONS AND ANSWERS

True/False Question

Revenue expenditure indicates the amount of funds spent during a certain period with the intention to receive the returns in future. Correct Answer False Your Answer True

Multiple Choice Multiple Answer Question The organization chart shows the following aspects :Correct Answer Functional responsibility of different functional managers , Delegation of authority to various managers , Inter-functional relationships of these managers Your Answer Delegation of authority to various managers , Inter-functional relationships of these managers , Functional responsibility of different functional managers Select The Blank Question Crane expenses should be apportioned on the basis of ________. Correct Answer Number of hours crane worked in the department Your Answer True/False Question Number of hours crane worked in the department

Predetermined rate of absorption of overheads helps in quick preparation of cost estimates and quoting prices. Correct Answer True Your Answer True

True/False Question

Accounting is an art of recording, classifying & summarizing in a significant manner. Correct Answer True Your Answer True

Multiple Choice Single Answer Question From the given information compute the total cost variance. Material cost variance -Rs.4,400/- (Favourable); labour cost variance -Rs.450/- (Adverse); fixed overhead cost variance -Rs.22,000/- (Adverse); variable overhead cost variance -Rs.6,000/- (adverse). Correct Answer Rs.24,050/- (Adverse) Your Answer Rs.24,050/- (Adverse)

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