Match The Following

Question Correct Answer

Advise stating dividend collected on your Issued by the Bank
behalf
Bank Book Maintained by the trader/ businessman
Pass Book Maintained by the Bank
Bank reconciliation statement Prepared by the organization
Question Correct Answer
Flexible budget More elastic and practical
Managerial tool which increases effectiveness of managerial control
Advantage of budgetary control system
Difficult to implement in fast changing industrial scenario
Fixed budget
Restricts the efforts of the managers to the budgeted targets
Disadvantage of budgetary control system
Question: Correct Answer:
Liabilities All the amount owed by the business
Drawing Withdrawn for personal use
Journal Book of original entry
Ledger Maintain all types of Accounts
Assets All the properties owned by the business
Question: Correct Answer:
Balance-sheet Financial status
Book-Keeping Books of Accounts
Financial statement Profitability statement & Balance-sheet
Accounting Process of analyzing & interpretation
Profitability statement Indicates the amount of profit earned
Question Correct Answer:
Freight inwards Manufacturing account
Sales Trading account
Freight outwards Profit and loss account
Dividend paid Profit and loss appropriation account
Question Correct Answer
Plan of investment in fixed assets Capital Expenditure Budget
Plan for surplus/shortage of cash Cash Budget
Operating income Cash Sales
Non-Operating income Issue of shares
Question Correct Answer
Real A/C Debit what comes in, Credit what goes out
Trade Discount Not accounted for in the books of Accounts
Cash Discount Accounted for in the books of Accounts
Rs.1 Personal A/C Debit the receiver, Credit the giver
Question Correct Answer
Scope of uniform costing
Advantageously applicable in similar industries
Spirit of mutual trust Requisite for uniform costing
Avoids cut throat competition Advantage of uniform costing
Treatment given to research and development Fields covered by uniform costing
costs
Question Correct Answer
Increase in contribution will lead to Increase in profits
Increase in fixed cost will lead to Increase in break even point
Decrease in variable cost will lead to Increase in profit volume ratio
Decrease in selling price will lead to Decrease in contribution
 Question Correct Answer
Personal A/C Debit the receiver, Credit the giver
Real A/C Debit what comes in, Credit what goes out
Nominal A/C Debit all the expenses, Credit all the incomes
Tangible assets Building, Machinery
In tangible assets Patents, Trade marks
Question Correct Answer
Daily Time sheets Time spent by worker on job is recorded
Time Keeping Department Recording of workers time
Time booking department Job-wise booking of time
Time Recording Clock Method Ticket number & clock card allotted to worker
Question Correct Answer
Drawings Proprietor's account
Deferred revenue expenditure Real account
Deferred revenue expenditure written off Nominal account
Loan Personal account
Question Correct Answer
Any supplier from the global market can fill the tender
Global Tender
Single Tender Tender from only one supplier
Limited Tender Tenders from reliable but few suppliers
Any supplier from the local market can fill the tender
Open Tender
Question Correct Answer
Fixed overheads Variability wise classification
Abnormal overheads Normality wise classification
Indirect Material Element wise classification
Administration overheads Function wise classification
Question Correct Answer
Transport facilities to employees Preventive cost of labor turnover
Relationship between supervisor and worker Avoidable cause of labor turnover
Dismissal of employee Unavoidable cause of labor turnover
Increased spoilage and defectives Replacement cost of labor turnover
Question Correct Answer
Normal Standards Anticipated to be achieved in future
Basic Standards Established for a longer period of time
Current Standards Established for a shorter period of time
Expected Standards Anticipated to be achieved in the budget period
Question Correct Answer
Purchase budget Forecast of quantity and value of materials
Analyses the performance of different budget centres
Budget committee
Cash budget Assists in predicting shortage of cash
Budget Objective is performance evaluation
Question Correct Answer
Total cost Cost of finished goods
Non operating income Profit on sale of investment
Selling and distribution overheads Advertisement expenses
Factory overheads Repair for factory building
Question Correct Answer
Non-operating Income Profit on sale of shares
Non-operating Expense Dividend on shares
Selling & Distribution Advertisement
Factory Cost Repair for factory building
Total Cost Cost of finished goods
 Question Correct Answer
The level above which actual stock should not exceed
Maximum level
The level below which actual stock should not reduce
Minimum level
To take the step for procurement of further lots of material
Re-order level
Danger level Below minimum level
Fixation of inventory level Initiating proper action for movement of material
Question Correct Answer
Straight Piece rate system The rate of payment is fixed per piece
Diemer system Halsey system & Gantt System
Worker is paid on the basis of time attended by him
Time rate System
Workers are paid according to the production achieved by him
Payment by Result
Different hourly rates are fixed for different levels of efficiency
Differential Time rate
Question Correct Answer
Fixed cost + variable cost Total cost
Total cost – fixed cost variable cost
sales- variable cost contribution
contribution – fixed cost profit
Total cost + profit Sales
Question Correct Answer
Error of Principle Trial Balance does not get affected
Error of Omission The transaction is totally omitted
Error of commission Wrong Posting
Compensating Error Wrong classification
Difference in trial balance Transferred to suspense account
Question Correct Answer
Opportunity Cost Cost can be controlled
Differential Cost Historical Cost
Sunk Cost Cannot be controlled
Controllable Cost Increase or Decrease in cost
Uncontrollable Cost Return or yield
Question Correct Answer
Henceforth, there shall be no difference in overdraft balances
Closed the account with State Bank of India
Overdraft as per bank book Overdraft as per pass book
Debit side of bank book is overcast
Interest on debentures directly credited by Overdraft as per bank book Overdraft as per pass book
bank
Overdraft as per bank book = Overdraft as per pass book
Received sanction for a loan of Rs.10 lakhs
Question Correct Answer
Ledger Maintain all types of accounts
Audit Reviewing internal control system
Accounting Process of analyzing & interpretation
Journal Book of original entry
Question Correct Answer
Advance Not related in current year
Application Increase in Assets
Outstanding Amount still payable in current year
Prepaid Amount paid for next year
Drawing Amount of personal use
 Question Correct Answer
Discount received Suppliers
Outstanding expenses Liabilities
Depreciation Assets
Interest on capital Borrowed capital
Discount allowed Debtors
Question Correct Answer
Ordering cost Associated with administrative efforts
Carrying cost Cost of holding the inventory
Total cost Ordering cost + carrying cost
Inventory control Maintain the inventory of any kind
E.O.Q Economic Ordering Quantity
Question Correct Answer
Bills Payable Amount payable to supplier
Bills Receivable Amount received from the customer
Trade Discount Not accounted for in the books of Accounts
Cash Discount Accounted for in the books of Accounts
Bad debts Amount not received from customer
Question Correct Answer
Cost Centre Facilitate the fixation of responsibility
Cost Control Process of controlling costs of operations
Differential Cost Increase or Decrease in cost
Sunk Cost Historical Cost
Question Correct Answer
Cash budget Interest on loan
Selling and distribution budget Cost of demand creation
Administration budget Salary of CEO
Materials budget Carriage inwards