Practice Test

Q1) Premium on issue of shares is Show Answer

Q2) National rent is taken in Show Answer

Q3) Excess of overhead in costing as compared to profit and loss A/c is Show Answer

Q4) Interest on investment increases Show Answer

Q5) Loss on sale of capital assets is Show Answer

Q6) Over valuation of closing stock in Cost Accounts Show Answer

Q7) Interest on Bank Deposits is Show Answer

Q8) Dividend paid on share capital is Show Answer

Q9) Over absorption of overheads in costing Show Answer

Q10) Under valuation of opening stock in costing Show Answer

Q11) Donations paid is Show Answer

Q12) Under absorption of overheads decreases costing profit Show Answer

Q13) Loss on sale of furniture is shown in financial accounting. Show Answer

Q14) Interest received on Bank Deposit is purely financial in nature. Show Answer

Q15) Transfer to General Reserve is an item of cost accounts. Show Answer

Q16) Under absorption of overheads increases costing profit. Show Answer

Q17) Under integrated system of accounting both cost accounts and financial accounts are maintained in the same set of books. Show Answer

Q18) Under Non-integrated system of accounting, both cost accounts and financial accounts are maintained separately. Show Answer

Q19) Abnormal loss is considered in costing. Show Answer

Q20) Profit on sale of investment is not considered in cost accounts. Show Answer

Q21) Retrenchment compensation is considered in costing. Show Answer

Q22) Fines and penalties reducing financial profit Show Answer

Q23) Notional cost decreases costing profit Show Answer

Q24) Dividend received increases financial profit. Show Answer

Q25) Overvaluation of opening stock in costing decreases costing profit. Show Answer

Q26) Overvaluation of opening stock in financial Accounting reduces Financial profit. Show Answer

Q27) Under valuation of closing stock in costing reduce costing profit. Show Answer

Q28) Under valuation of closing stock in costing increases costing profit. Show Answer

Q29) Difference in Depreciation in costing and financial accounting distinguishes costing profit from financing profit Show Answer

Q30) Dividend received is shown in _________ accounts only. Show Answer

Q31) Overheads recovered in costing is more than actual it is called _______ . Show Answer

Q32) Less overheads recovered in costing is called _________. Show Answer

Q33) Donations paid reduces _______ Profit. Show Answer

Q34) Interest on capital reduces ________ profit. Show Answer

Q35) Under-absorption of overheads in costing increases _______ profit. Show Answer

Q36) Premium on issue of shares is shown in ________ P & L A/c. Show Answer

Q37) National Rent is taken in _______ P & L A/c. Show Answer

Q38) Interest on investment increases ________ profit. Show Answer

Q39) Over valuation of closing stock in costing increases _______ profit Show Answer

Q40) Under valuation of closing stock in costing decreases _______ profit. Show Answer

Q41) Over absorption of overheads in costing decreases ________ profit Show Answer

Q42) Under absorption of overheads in costing increases _________ profit. Show Answer

Q43) Dividend paid on shares is debited to _________ P & L A/c. Show Answer

Q44) Donation paid is debited to ________ P & L A/c. Show Answer

Q45) Under valuation of opening stock in finance ________ costing profit. Show Answer

Q46) Overvaluation of opening stock in finance _______ costing profit Show Answer