Description : Under single Entry system, Profit = Closing Capital less __________
Last Answer : Under single Entry system, Profit = Closing Capital less __________ (a) Opening Capital (b) ... Assets (c) Opening Liabilities (d) Drawings
Description : (i) Excess of opening capital over closing capital of proprietor under single entry system.
Last Answer : Write a word, term, or phrase which can substitute each of the following statements : (i) ... (v) The incomplete method of the accounting system.
Description : Cash outflow on purchases is calculated by A. Purchases + Opening Creditors + Opening B/P – Closing Creditors - Closing B/P B. Purchases + Opening Creditors - Closing Creditors + Closing B/P C. Purchases - Opening Creditors - Opening B/P + Closing Creditors + Closing B/P D. None of the above
Last Answer : A. Purchases + Opening Creditors + Opening B/P – Closing Creditors - Closing B/P
Description : ncome Summary has a credit balance of $12,000 in J. Sawyer Co. after closing revenues and expenses. The entry to close Income Summary is a. credit Income Summary $12,000, debit Retained Earnings ... 000, credit Dividends $12,000. d. debit Income Summary $12,000, credit Retained Earnings $12,000.
Last Answer : d. debit Income Summary $12,000, credit Retained Earnings $12,000.
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.
Description : The final closing entry to be journalized is typically the entry that closes the a. revenue accounts. b. dividends account. c. retained earnings account. d. expense accounts.
Last Answer : b. dividends account.
Description : The closing entry process consists of closing a. all asset and liability accounts. b. out the retained earnings account. c. all permanent accounts. d. all temporary accounts.
Last Answer : d. all temporary accounts.
Description : If Income Summary has a credit balance after revenues and expenses have been closed into it, the closing entry for Income Summary will include a a. debit to the retained earnings account. b. debit ... . c. credit to the retained earnings account. d. credit to the owner's dividends account.
Last Answer : c. credit to the retained earnings account.
Description : Assume that a firm has accurately calculated the net cash flows relating to two mutua lly exclusive investment proposals. If the net present value of both proposals exceed zero and the firm is ... maximize shareholder wealth and, since the projects are mutually exclusive, we can only take one
Last Answer : D. accept the proposal that has the largest NPV since the goal of the firm is to maximize shareholder wealth and, since the projects are mutually exclusive, we can only take one
Description : Drawings made during the year decrease the profit under the Single Entry System.
Last Answer : State True or False with reasons: Drawings made during the year decrease the profit under the Single Entry System.
Description : Under Single Entry System only ________ are opened.
Last Answer : Under Single Entry System only ________ are opened. (a) Cash and Personal Accounts (b) Real ... c) Nominal Accounts (d) Real and Nominal Accounts
Description : A statement of __________ is to be prepared in under to find out profit or loss under a single entry system.
Last Answer : A statement of __________ is to be prepared in under to find out profit or loss under a single entry system ... (c) Revenue (d) Profit or Loss
Description : Which statement is prepared under the single entry system to ascertain profit?
Last Answer : Which statement is prepared under the single entry system to ascertain profit?
Description : 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.
Last Answer : b. periodic inventory system.
Description : The first critical speed of an automobile running on a sinusoidal road is calculated by (modeling it as a single degree of freedom system) A Resonance B Approximation C Superposition D Rayleigh quotient
Last Answer : A Resonance
Description : The first critical speed of an automobile running on a sinusoidal road is calculated by (modeling it as a single degree of freedom system) a) Resonance b) Approximation c) Superposition d) Rayleigh quotient
Last Answer : a) Resonance
Description : Which of the following statements is correct regarding the internal rate of return (IRR) method? A. Each project has a unique internal rate of return. B. As long as you are not dealing with ... of return is rarely used by firms today because of the ease at which net present value is calculated
Last Answer : D. The internal rate of return is rarely used by firms today because of the ease at which net present value is calculated.
Description : Which of the following statements is correct regarding the internal rate of return (IRR) method? A. Each project has a unique internal rate of return. B. As long as you are not dealing with ... of return is rarely used by firms today because of the ease at which net present value is calculated.
Description : Which of the following is true about the way by which SDG&E has been regulated by the PUC? a. SDG&E has been allowed to earn very high economic profits b. The profits of SDG&E are calculated as ... the demand for electricity would fall, the price of electricity would also fall d. All of the above
Last Answer : b. The profits of SDG&E are calculated as a percent of the value of the capital goods
Description : The return on investment (ROI) may be calculated as A. Net profit before interest, tax and dividend / Capital employed B. Net profit after interest, tax and dividend / Shareholder's fund C. ( Net profit - preference dividend )/ No. of equity shares D. Return on Investment / Net profit ratio
Last Answer : A. Net profit before interest, tax and dividend / Capital employed
Description : Blanket overhead rate is: (a) One single overhead absorption rate for the whole factory (b) Rate which is blank or nil rate (c) rate in which multiple overhead rates are calculated for each production department, service department etc. (d) Always a machine hour rate
Last Answer : One single overhead absorption rate for the whole factory
Description : Recall homework 2 in which we calculated emissivity for a single layer atmosphere. If the atmosphere were to suddenly become a perfect emitter (i.e., if e = 1 rather than e = 0.8), ... . (d) There would be initial warming followed by cooling as the planet moves toward radiative equilibrium.
Last Answer : (c) The surface temperature would be higher.
Last Answer : The power factor of a single phase load can be calculated if the instruments available are three ammeters or three voltmeters.
Description : (i) In statement of profit or loss, profit on sale of assets are _________ to closing capital.
Last Answer : Fill in the Blanks : (i) In statement of profit or loss, profit on sale of assets are ... capital balance from __________ at the end of the year.
Description : If closing capital is ₹ 30,000 and profit is ₹ 5,000 opening capital was __________
Last Answer : If closing capital is ₹ 30,000 and profit is ₹ 5,000 opening capital was __________ (a) ₹ 35,000 (b) ₹ 30,000 (c) ₹ 25,000 (d) ₹ 15,000
Description : In accounting terms, what constitutes the 'closing stock'? (1) Net Investment (2) Gross Investment-Capital Losses (3) Opening Stock-Capital Losses (4) Opening Stock + Net Investment - Capital Losses
Last Answer : (4) Opening Stock + Net Investment - Capital Losses Explanation: Closing stock refers to the goods remaining un-sold during the year. It includes finished products, raw materials, or work in progress ... with the following calculation: Opening stock + Purchases - Closing stock = Cost of goods sold.
Description : The two concept of working capital are gross working capital and -------------------------- a) Net working capital b) Average working capital c) Opening working capital d) Closing working capital a
Last Answer : b) Average working capital
Description : In accounting terms, what constitutes the ‘closing stock’? (1) Net Investment (2) Gross Investment-Capital Losses (3) Opening Stock-Capital Losses (4) Opening Stock + Net Investment – Capital Losses
Last Answer : Opening Stock + Net Investment – Capital Losses
Description : (i) The single Entry System of Book-keeping is a scientific method of books of accounts.
Last Answer : Do you agree with the following statements? (i) The single Entry System of Book-keeping is ... Entry System follows the golden rules of accounts.
Description : All transactions are recorded in the Single Entry System
Last Answer : State True or False with reasons: All transactions are recorded in the Single Entry System
Description : The single Entry System is based on certain rules and principles.
Last Answer : State True or False with reasons: The single Entry System is based on certain rules and principles.
Description : A UNIX file system has 1 KB block size and 4-byte disk addresses. What is the maximum file size if the inode contains ten direct block entries, one single indirect block entry, one double indirect block entry and one triple indirect block entry? (A) 30 GB (B) 64 GB (C) 16 GB (D) 1 GB
Last Answer : (C) 16 GB
Description : A unix file system has 1-KB blocks and 4-byte disk addresses. What is the maximum file size if i-nodes contain 10 direct entries and one single, double and triple indirect entry each? (A) 32 GB (B) 64 GB (C) 16 GB (D) 1 GB
Description : If an industry is characterized by economies of scale then - (1) barriers to entry are not very large (2) long run unit costs of production decreases as the quantity the firm produces increases (3) ... of the large scale operation (4) the costs of entry into the market are likely to be substantial
Last Answer : (2) long run unit costs of production decreases as the quantity the firm produces increases Explanation: In microeconomics, economies of scale are the cost advantages that an enterprise obtains due to expansion ... in unit cost as the size of a facility and the usage levels of other inputs increase.
Description : New entrants to an industry are more likely when (i.e., entry barriers are low when…) A. It is difficult to gain access to distribution channels. B. Economies of scale in the industry are high. C. Product differentiation in the industry is low. D. Capital requirements in the industry are high.
Last Answer : Product differentiation in the industry is low.
Description : Capital is: A. Money available to invest. B. Prohibitive cost of entry. C. A guarantee that a company will be successful. D. A & B.
Last Answer : A
Description : If an industry is characterised by economies of scale then (1) barriers to entry are not very large (2) long run unit costs of production decreases as the quantity the firm produces increases (3) ... of the large scale operation (4) the costs of entry into the market are likely to be substantial
Last Answer : long run unit costs of production decreases as the quantity the firm produces increases
Description : (i) The method of charging depreciation under which depreciation is calculated on the original cost of an asset.
Last Answer : Write the word/term/phrase which can substitute each of the following statements: (i) The method ... , etc. incurred for the erection of machinery.
Description : Under ____________ method depreciation is calculated on written down value.
Last Answer : Under ____________ method depreciation is calculated on written down value. (a) Fixed Instalment (b) ... Balance (c) Revaluation (d) Depletion
Description : Depreciation of machines fails under the indirect expenses head. As per income tax regulations, it is calculated by the __________ method. (A) Diminishing balance (B) Sinking fund (C) Multiple straight line (D) Sum of the years digit
Last Answer : (A) Diminishing balance
Description : Arithmetical accuracy cannot be checked in Single Entry.
Last Answer : State True or False with reasons: Arithmetical accuracy cannot be checked in Single Entry.
Description : Which one of the following is not a feature of monopoly? (1) Single seller of the product (2) Heavy selling costs (3) Barriers to entry of new firms (4) Price discriminations
Last Answer : (2) Heavy selling costs Explanation: Heavy selling cost is one of the defining features of an oligopoly. Firms resort to heavy selling cost to attract customers. Under this market ... mainly by heavy advertising and promotional expenditure that ultimately adds to the total selling cost.
Description : A monopoly is characterized by (a) Limited entry and exit opportunity ; (b) Single supplier ; (c) Few customers ; (d) All the three
Last Answer : (a) Limited entry and exit opportunity ;
Description : Which one of the following is not a feature of monopoly ? (1) Single seller of the product (2) Heavy selling costs (3) Barriers to entry of new firms (4) Price discriminations
Last Answer : Heavy selling costs
Description : The process of Control Procurements falls under which process group A. Planning B. Closing C. Monitoring and Control D. Executing
Last Answer : C. Monitoring and Control
Description : The hammer blow in pipes occurs when (A) There is excessive leakage in the pipe (B) The pipe bursts under high pressure of fluid (C) The flow of fluid through the pipe is suddenly brought to ... valve (D) The flow of fluid through the pipe is gradually brought to rest by closing of the valve
Last Answer : Answer: Option C
Description : he journal entry to record a return of merchandise purchased on account under a perpetual inventory system would include a. Accounts Payable Sales Returns and Allowances b. Purchase Returns and ... Accounts Payable c. Accounts Payable Inventory d. Merchandise Inventory Cost of Goods Sold
Last Answer : d. Merchandise Inventory Cost of Goods Sold
Description : The journal entry to record a return of merchandise purchased on account under a perpetual inventory system would credit a. Accounts Payable. b. Purchase Returns and Allowances. c. Sales. d. Merchandise Inventory.
Last Answer : d. Merchandise Inventory.