--------- 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

--------- 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
by

1 Answer

Answer :

c) Responsibility accounting
by

Related questions

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Last Answer : c) Responsibility accounting

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

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Last Answer : a) Responsibility accounting

Closing entries are made a. in order to terminate the business as an operating entity. b. so that all assets, liabilities, and Stockholders' equity accounts will have zero balances when the next accounting period starts. c. in order to transfer net income (or loss) and dividends to the retained earnings account. d. so that financial statements can be prepared.

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Vertical analysis is made to review and analyse the financial statements of -----------------accounting period. a) One B. Two C. Three D. Four

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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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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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Last Answer : c. a post-closing trial balance.

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

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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Last Answer : b. after the financial statements are prepared.

Disclose accounting information a) Balance sheet b) Trading account c) Profit and Loss Account d) Financial statements

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Last Answer : d) Financial statements

The statement prepared to disclose accounting information are known as----- a) Comparative statements b) Common size statements c) Financial statements d) None of the above

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The responsibility for adopting sound accounting policies, maintaining adequate internal control, and making fair representations in the financial statements rests a. With the management. b. With the independent auditor. c. Equally with management and the auditor. d. With the internal audit department.

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Description : A physical count of inventory is taken at the end of an accounting period under a periodic system in order to a. verify the accuracy of the accounting records. b. determine cost of goods ... period. c. determine the amount of inventory purchased during the period. d. calculate property taxes.

Last Answer : b. determine cost of goods sold for the period.

A physical count of inventory is taken at the end of an accounting period under a perpetual system in order to a. verify the accuracy of the accounting records. b. determine cost of goods sold for the period. c. determine the amount of inventory purchased during the period. d. calculate property taxes.

Description : A physical count of inventory is taken at the end of an accounting period under a perpetual system in order to a. verify the accuracy of the accounting records. b. determine cost of ... period. c. determine the amount of inventory purchased during the period. d. calculate property taxes.

Last Answer : a. verify the accuracy of the accounting records.

f a company determines cost of goods sold each time a sale occurs, it a. must have a computer accounting system. b. uses a combination of the perpetual and periodic inventory systems. c. uses a periodic inventory system. d. uses a perpetual inventory sy

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Last Answer : a. must have a computer accounting system.

Which of the following is a true statement about inventory systems? a. Periodic inventory systems require more detailed inventory records. b. Perpetual inventory systems require more detailed inventory records. c. A periodic system requires cost of goods sold be determined after each sale. d. A perpetual system determines cost of goods sold only at the end of the accounting period.

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Last Answer : b. Perpetual inventory systems require more detailed inventory records.

Cost of goods sold is determined only at the end of the accounting period in a. a perpetual inventory system. b. a periodic inventory system. c. both a perpetual and a periodic inventory system. d. neither a perpetual nor a periodic inventory system.

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Last Answer : b. a periodic inventory system.

Responsibility Centre can be categorised into: (a) Cost Centres only (b) Profit Centres only (c) Investment Centres only (d) Cost Centres, Profit Centres and Investment Centres

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Last Answer : (d) Cost Centres, Profit Centres and Investment Centres

A segment of activity or area of operation for which cost is collected is known as ----------------- a) Cost centre b) Profit centre c) Investment centre d) Responsibility centre

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A centre at which proper utilization of asset used in the centre a) Investment centre b) Profit centre c) Cost centre d) Responsibility centre

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A segment of activity for which both revenue and cost are accumulated a) Investment centre b) Project centre c) Cost centre d) Responsibility centre

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The management accounting can be stated an extension of (i) Cost Accounting (ii) Financial Accounting (iii) Responsibility Accounting A. Both (i) and (ii) B. Both (i) and (iii) C. Both (ii) and (iii) D. (i), (ii), (iii)

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Correcting entries are made a. at the beginning of an accounting period. b. at the end of an accounting period. c. whenever an error is discovered. d. after closing entries.

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The purpose of the post-closing trial balance is to a. prove that no mistakes were made. b. prove the equality of the balance sheet account balances that are carried forward into the next accounting period. c. prove the equality of the income statement account balances that are carried forward into the next accounting period. d. list all the balance sheet accounts in alphabetical order for easy reference.

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Detailed records of goods held for resale are not maintained under a a. perpetual inventory system. b. periodic inventory system. c. double entry accounting system. d. single entry accounting system.

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A segment of activity for which revenues are accumulated a) investment centre b) profit centre c) revenue centre d) Responsibility

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The auditor's best defense when material misstatements in the financial statements are not uncovered in the audit is that a. The financial statements are client's responsibility. b. The audit was conducted in accordance with PSAs c. Client is guilty of contributory negligence. d. The audit was conducted in accordance with generally accepted accounting principles.

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Which statement is correct regarding the relationship between internal auditing and the external auditor? a. Some judgments relating to the audit of the financial statements are those of the internal auditor. b. The external audit function's objectives vary according to management's requirements. c. Certain aspects of internal auditing may be useful in determining the nature, timing and extent of external audit procedures. d. The external auditor is responsible for the audit opinion expressed, however that responsibility may be reduced by any use made of internal auditing

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Accounting question: is it a fixed asset if multiple items total over $500?

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What are some examples of high level accounting?

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In Accounting, are liabilities a good thing or a bad thing?

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How much and what type of math is needed in Accounting?

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Anyone good at accounting?

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Which one of the following statements concerning the accounting cycle is incorrect? a. The accounting cycle includes journalizing transactions and posting to ledger accounts. b. The accounting cycle includes only one optional step. c. The steps in the accounting cycle are performed in sequence. d. The steps in the accounting cycle are repeated in each accounting period.

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Last Answer : b. The accounting cycle includes only one optional step.

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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The relationship between current assets and current liabilities is important in evaluating a company's a. profitability. b. liquidity. c. market value. d. accounting cycle.

Description : The relationship between current assets and current liabilities is important in evaluating a company's a. profitability. b. liquidity. c. market value. d. accounting cycle.

Last Answer : b. liquidity.

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.

Description : 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.

Last Answer : c. may involve any combination of accounts.

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.

Description : 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.

Last Answer : c. analyzing transactions.

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.

Description : 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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Last Answer : d. Prepare a trial balance

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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Last Answer : c. Prepare adjusting entries

. 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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Last Answer : b. Prepare a worksheet

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.

Description : 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.

Last Answer : b. journalizing and posting adjusting entries.