A system of control where persons are made responsible for control of cost a) Cost control b) Production control c) Responsibility accounting d) Budgeting

A system of control where persons are made responsible for control of cost  a) Cost control  
b) Production control
c) Responsibility accounting
d) Budgeting
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1 Answer

Answer :

c) Responsibility accounting
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--------- is a system where persons are made responsible for control of cost a) Cost accounting b) Financial accounting c) Responsibility accounting d) None of these

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Last Answer : c) Responsibility accounting

A system where accounting is established with responsibility a) Responsibility accounting b) Financial accounting c) Cost accounting d) Budgeting

Description : A system where accounting is established with responsibility a) Responsibility accounting b) Financial accounting c) Cost accounting d) Budgeting

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A control system where accountability is established with responsibility is known as -------------- a) Cost accounting b) Responsibility accounting c) Financial accounting d) None of the above

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Last Answer : b) Responsibility accounting

Cost Unit is defined as: (a) Unit of quantity of product, service or time in relation to which costs may be ascertained or expressed (b) A location, person or an item of equipment or a group of these for which costs are ascertained and used for cost control. (c) Centres having the responsibility of generating and maximising profits (d) Centres concerned with earning an adequate return on investment

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Which of the following is an optional step in the accounting cycle? a. Adjusting entries b. Closing entries c. Correcting entries d. Reversing entries

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A correcting entry a. must involve one balance sheet account and one income statement account. b. is another name for a closing entry. c. may involve any combination of accounts. d. is a required step in the accounting cycle.

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If errors occur in the recording process, they a. should be corrected as adjustments at the end of the period. b. should be corrected as soon as they are discovered. c. should be corrected when preparing closing entries. d. cannot be corrected until the next accounting period.

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The first required step in the accounting cycle is a. reversing entries. b. journalizing transactions in the book of original entry. c. analyzing transactions. d. posting transactions.

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The two optional steps in the accounting cycle are preparing a. a post-closing trial balance and reversing entries. b. a worksheet and post-closing trial balances. c. reversing entries and a worksheet. d. an adjusted trial balance and a post-closing trial balance.

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Which of the following steps in the accounting cycle may be performed more frequently than annually? a. Prepare a post-closing trial balance b. Journalize closing entries c. Post closing entries d. Prepare a trial balance

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Which of the following steps in the accounting cycle would not generally be performed daily? a. Journalize transactions b. Post to ledger accounts c. Prepare adjusting entries d. Analyze business transactions

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The final step in the accounting cycle is to prepare a. closing entries. b. financial statements. c. a post-closing trial balance. d. adjusting entries.

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. Which one of the following is an optional step in the accounting cycle of a business enterprise? a. Analyze business transactions b. Prepare a worksheet c. Prepare a trial balance d. Post to the ledger accounts

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he step in the accounting cycle that is performed on a periodic basis (i.e., monthly, quarterly) is a. analyzing transactions. b. journalizing and posting adjusting entries. c. preparing a post-closing trial balance. d. posting to ledger accounts.

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Which one of the following is usually prepared only at the end of a company's annual accounting period? a. Preparing financial statements b. Journalizing and posting adjusting entries c. Journalizing and posting closing entries d. Preparing an adjusted trial balance

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Last Answer : c. Journalizing and posting closing entries

All of the following statements about the post-closing trial balance are correct except it a. shows that the accounting equation is in balance. b. provides evidence that the journalizing and posting of closing entries have been properly completed. c. contains only permanent accounts. d. proves that all transactions have been recorded.

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Last Answer : d. proves that all transactions have been recorded.

Closing entries are journalized and posted a. before the financial statements are prepared. b. after the financial statements are prepared. c. at management's discretion. d. at the end of each interim accounting period.

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Accounting standard (AS) 14 not distinguish between amalgamation and absorption.

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Last Answer : TRUE

Out of the following, what is not the work of purchase department: (a) Receiving purchase requisition (b) Exploring the sources of material supply (c) Preparation and execution of purchase orders (d) Accounting for material received

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Last Answer : (d) Accounting for material received