Classical

Financial and Management Accounting - Financial and Management Accounting Questions

16:  
Which of the following branches of accounting are of recent origin?
1. Management accounting
2. Social responsibility accounting
3. Human resources accounting
4. Cost accounting
Select the correct answer using the codes given below:
A.

1 and 2

B.

1,2 and 3

C.

2 and 4

D.

2 and 3

 
 

Option: D

Explanation :


17:  
Match List I with List II and select correct answer using the codes given below:
    List-l                                           List-ll
a. Endowment Fund                 I. Posted to the credit side of the income and expenditure account
b. Entrance Fee                        II. Any income or loss adjusted in the income and expenditure account
c. Sale of old assets               III. Sometimes capitalized and sometimes treated as revenue income
d. Sale of newspaper             IV. Permanent means of support
A.

 a    b    c    d

IV    III    II    I

B.

 a    b    c    d

 I     II    III    IV

C.

 a    b    c    d

III    IV    I    II

D.

 a    b    c    d

III    IV    II    I

 
 

Option: A

Explanation :


18:  
Accounting rules, practices and conventions should not change from one year to another as per the
A.

Convention of consistency

B.

Convention of full disclosure

C.

Convention of conservatism

D.

Convention of materiality

 
 

Option: A

Explanation :


19:  
The expired portions of capital/deferred revenue expenditures and revenue expenditures (adjusted for outstanding and prepaid expenses) are regarded as
A.

Loss

B.

Expenses

C.

Payments

D.

All of the above

 
 

Option: B

Explanation :


20:  
Who has defined accounting as "the art of recording, classifying and summarising in a significant manner and in terms of money, transactions and events, which are, in part at least, of a financial character and interpreting the results thereof"?
A.
American Institute of Certified Public Accountants
B.

American Accounting Association

C.
Institute of Chartered Accountants of India
D.
Institute of Cost & Works Accountants of India
 
 

Option: A

Explanation :




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