How much will $1.00 invested at 10% (compounded annually) grow to by the end of 3 years?

$.70 $1.21 $1.30 $1.331 Depreciation is incorporated into the discounted cash flow analysis of an investment proposal because

it is a cost of operations which cannot be avoided. it results in an annual cash outflow. it is s a cash inflow. it reduces the cash outlay for income taxes. The appropriate journal entry to record the application of overhead in a job costing system involves a debit to Work in Process and a credit to:

Cost of Goods Sold Factory Overhead Cash Income Summary Which of the following would not be reported as a separate component on the income statement?

Income from continuing operations Discontinued operations Prior period adjustment Extraordinary item A multiple-step income statement is thought to be more beneficial to financial users because of the revelation of important relationships. Which of the following is not separately identified on a multiplestep income statement?

Gross profit Net income Income taxes Total costs and expenses Inventory accounts should be classified in which section of a balance sheet?

Current assets 6 Investments Property, plant, and equipment Intangible assets Which of the following should not be included as part of cash on the balance sheet?

7 The amount of petty cash at year-end. Outstanding checks at year-end.

Deposits in transit at year-end. Checks received from customers. The financial statement which shows cash activity (receipts and disbursements) during the accounting period is called a(n):

8s

Bank statement. Income statement. Statement of cash flows. Bank reconciliation. The principal purpose of a voucher system is to provide assurance that:

All cash receipts are deposited intact in the bank. 9 All cash disbursements are approved before a check is issued. All cash receipts are recorded in the accounting records. All credit sales will be collectible. Which of the following are the major categories in Accounting?

Financial Accounting 10 Cost Accounting Management Accounting All of the above.

Which of the following are the rules for Real Accounts?

Debit is Receiver and Credit the Giver 11 Debit all Expenses and Loses and Credit all Incomes and Gains Debit What comes in and Credit What goes out None of the above. If an amount is posted incorrectly or posted on the incorrect side, it is known as which of the following types of error?

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Errors of Omission Errors of Commission Error of Principle Error of Posting Which of the following ledgers Accounts are in Tally?

Cash Account 13 Credit Account Profit & Loss Account All of the above. Which of the following options in the right side of the screen is used to display the creation of Accounting Vouchers and Inventory Vouchers Information? 14

Gateway of Tally menu

Masters Transactions/Vouchers Reports The reports that together form the basis for different analysis are

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Balance sheet Profit & loss Report Trial Balance The options under the voucher entry configuration are

Show balances as on voucher date 16 Show batch-wise details Show inventory details Show stock group-wise details The options under the voucher configuration are

Calculate tax on current sub-total 17 Show bill-wise details Specify export shipping details Use excise format The options under the voucher configuration menu are 18

Show ledger current balances Show Table of bill details for selection Use Ref. No in stock journal Use To/By instead of Cr/Dr The options under the Payment voucher printing configuration are

Height of voucher 19 Width of voucher Print Bill-wise details Print cost centre details None of the above Which of the following are the classifications of Errors?

Errors of Omission 20 Errors of Commission Error of Principle None of the above. Closing stock can be valued by

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FIFO LIFO Moving Average

None of the above Weighted Average The difference between the list of all direct production-related expenses & direct source of income is

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Closing balance Gross Loss Gross Profit None of the above In Tally 6.3 ees edition, ees stands for

Enterprise edition system 23 Extended edition system Extended enterprise system None of the above Advantages of Tally ees 6.3 are

Flexibility None of the above Real time access Scalability Simplicity 25 The different default primary groups of capital nature

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in Tally 6.3 are

Investments Loans None of the above Suspense Account