WorksheetsCAMD CCA 3
Total questions: 15
Worksheet time: 8mins
Statements prepared to indicate the profit or loss and financial position of the business are called:
Bank Reconciliation Statements
Financial Statements
Trial Balance
All of these
The account showing the gross profit or gross loss of the business is called:
Profit and Loss Account
Trading Account
Trial Balance
Balance sheet
The financial statement that summarizes the revenues and expenses over a specific period is known as:
Statement of Changes in Equity
Cash Flow Statement
Income Statement
Balance Sheet
The document that provides a snapshot of a company's assets, liabilities, and equity at a specific point in time is called:
Cash Flow Statement
Trial Balance
Income Statement
Balance Sheet
Closing stock is recorded in the:
Profit and Loss Account
Trading Account and Balance Sheet
Balance Sheet Only
None of the above
The account that reflects the net income or net loss of a business after all expenses have been deducted is called:
Trial Balance
Balance Sheet
Trading Account
Profit and Loss Account
Carriage outward is an example of:
Direct Expenses
Indirect Expenses
Indirect Income
Direct Income
Discount received is an example of:
Indirect Income
Direct Income
Net Income
General Income
Properties, items, and receivables with certain value that are owned by a business are called:
Goods
Assets that physically exist are called:
Tangible Assets
Fictitious Assets
Contingent Assets
Intangible Assets
The Cost which is incurred even when Business Unit is Closed
Sunk Cost
Imputed Cost
Shutdown cost
Historical cost
Warehouse Rent is a part of :
Prime Cost
Factory Cost
Office & Administration Overheads
Selling and Distribution Overheads
Total of All Direct cost is :
Factory Cost
Prime Cost
Cost of Production
Cost of Sales
Calculate the prime cost from the following information: Direct material purchased: Rs. 1,00,000 Direct material consumed: Rs. 90,000 Direct labour: Rs. 60,000 Direct expenses: Rs. 20,000 Manufacturing overheads: Rs. 30,000
210000
170000
90000
300000
Which of these is not an objective of Cost Accounting?
Ascertainment of Cost
Determination of Selling Price
Cost Control and Cost reduction
Assisting Shareholders in decision making
