1281. Audit and special audit are the same :

A. An insurance company
B. In Banking company *
C. Both of the above
D. None of the above

1282. Rent of the premises constitutes variable expense for cost allocation :

A. True
B. False *

1283. Principal and markup payment within one year constitutes long term liability for disclosure in the balance sheet of a company :

A. True
B. False *

1284. Working capital finance can be termed as ” Running finance ” in a limited company:

A. True
B. False *

1285. Conversion cost is calculated as under :

A. Labour plus materials
B. Labour plus overheads cost *
C. Both of the above
D. None of the above

1286. Current Ratio can be calculated as under :

A. Current liabilites current assets
B. Current assets *
C. Current liabilities
D. None of the above

1287. The need for keeping a record of income and expenditures in a clear and systematic manner has given rise to the subject of :

A. Book Keeping
B. Accounting cycle *
C. Manufacturing
D. None of the above

1288. If proper books of accounts are not kept in a business , the amount of profit :

A. Can be ascertained
B. Cannot be ascertained *
C. Easily ascertained
D. None of the above

1289. The state under which transactions are recorded chronologically in the books of accounts is called :

A. Summarizing
B. Classifying
C. Recording
D. None of the above *

1290. Book-Keeping is mainly concerned with :

A. Recording of a financial data-relating to business transaction *
B. Designing the system in reocrding,classifying summarizing the recorded data
C. Interpreting the data for internal and external users
D. None of the above