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Question 1) Financial statements are basically in two forms i.e. profitability statement and balance sheet.
Correct Answer True
Your Answer True
True/False
Question Financial Accounting discloses the financial performance & financial statements of the business as
a whole.
Correct Answer True
Your Answer True
True/False
Question Management Accounting is the process of analysis and interpretation of financial data collected
with help of financial accounting and cost accounting
Correct Answer True
Your Answer True
True/False
Question P&L statement which is a period statement & relates to a certain period tells about results of
operations.
Correct Answer True
Your Answer True
True/False
Question Cost Accounting is concerned with calculation of the profitability and state of affairs of the
organization as a whole.
Correct Answer False
Your Answer False
True/False
Question Financial accounting may deal with the ascertainment of cost & calculation of profitability of the
individual product.
Correct Answer False
Your Answer False
True/False
Question Management Accounting aims at enabling the management to take the decisions about the future.
It may consider future data as well as non-financial factors.
Correct Answer True
Your Answer True
True/False
Question Financial Accounting primarily protects the interests of the outsiders dealing with organization in
various capacities.
Correct Answer True
Your Answer True
True/False
Question Amount invested in purchasing Fixed Asset is a revenue expenditure.
Correct Answer False
Your Answer True
True/False
Question Cheques issued but not yet presented – the balance as per the bank pass book will be higher.
Correct Answer True
Your Answer False
True/False
Question Valuation of returns indicates the material returned by store department to production department
Correct Answer False
Your Answer False
True/False
Question The wage payment system should take into consideration the external obligations such as the
Minimum wages Act and the agreement entered into by the organization with the workers.
Correct Answer True
Your Answer True
True/False
Question A good wage payment system will punish the workers for the matters beyond the control of the
workers.
Correct Answer False
Your Answer False
True/False
Question Under marginal costing technique only fixed costs are considered as relevant for decision making.
Correct Answer False
Your Answer False
True/False
Question Product mix refers to the proportion in which various products of a company can be sold.
Correct Answer True
Your Answer True