211. _________is the cost of converting raw material into finished products?
A. Prime cost
B. Explicit cost
C. Job order cost
D. Conversion cost

212. Net sales equals, sales minus:
A. Return outwords
B. Return inwards
C. cost of goods sold
D. carriage on sales

213. LIFO stands for__________?
A. Lots in , Few out
B. Link input, Format Output
C. Last input, First Output
D. Last in, First Out

214. Property, Plant and Equipment are conventionally presented in the Balance Sheet at _________?
A. Replacement cost – Accumulated Depreciation
B. Historical cost – Salvage Value
C. Historical cost – Depreciation portion thereof
D. Original cost adjusted for general price-level changes

215. Average Accounting Return is a measure of accounting profit relative to:
A. Book value
B. Intrinsic value
C. Cost
D. Market value

216. Which of the following form of business organization is least regulated?
A. Sole-proprietorship
B. General Partnership
C. Limited Partnership
D. Corporation

217. Which of the following statement is considered as the accountant’s snapshot of firm’s accounting value as of a particular date?
A. Income Statement
B. Balance Sheet
C. Cash Flow Statement
D. Retained Earning Statement

218. Period cost include which of the following ?
A. selling Expense
B. Direct labor
C. factory overhead
D. selling Expenses & administrative expenses

219. The compensation paid by the borrower of fund to lender, from the borrower point of the cost of borrowing fund is called?
A. Interest Rate
B. Required rate of return
C. Nominal interest rate

220. An income statement in which each item expressed as percentage of Sale?
A. Balance sheet
B. income statement
C. common size income statement
D. All of the Above