APNPDCL Cost Accounts Question Papers Answers pdf 2016 Previous Year Old Paper

APNPDCL Cost Accounts Question Papers Answers pdf 2016 Previous Year Old Paper.

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Financial data is picked only from journal vouchers to Journal

These are used to record all transaction other than cash & bank

These are used to make corrections or adjustments to previous Receipt

Format of journal voucher is different from other vouchers

Which of the following contents are included in the Cost of goods sold?

Select correct option:

Opening stock

Purchases

Freight in

All of the given options

Which of the following Journal entry will be recorded when the bad debts are recovered?

Select correct option:

Cash account (Dr.) & Bad Debts recovered account (Cr.)

Accounts Receivable (Dr.) & Bad Debts recovered account (Cr.)

Bad debts recovered account (Dr.) and profit & loss account (Cr.)

Provision for doubtful debts account (Dr.) & cash account (Cr.)

Which of the following is NOT correct?

Select correct option:

Decrease in Assets will be credit

Decrease in Liabilities will be credit

Decrease in Expenses will be credit

Decrease in Revenue will be debit

Particulars Rs. Opening written down value of machine 1,00,000 Cost of new machine purchased during the year 50,000 Depreciation during the year 20,000 Closing written down value (WDV) ?

Select correct option:

Rs. 1,30,000

Rs. 1, 50,000

Rs. 1, 20,000

Rs. 70,000

An accounting system is used by a business to:

Select correct option:

Analyze transactions

Handle routine bookkeeping tasks

Structure information

All of the given options

In an account if debit side > credit side, the balance is known as the:

Select correct option:

Negative Balance

Debit balance

Positive Balance

Credit balance

Details of individual accounts are kept in a separate register / ledger called:

Select correct option:

Control Account

Subsidiary Ledger

General Journal

All of the given options

which of the following statement/s closing stock is/are shown?

Select correct option:

Profit and loss account

Balance sheet

Income statement

All of the given options

Which of the following particular/s is/are included in payment voucher?

Select correct option:

Name of organization

Cash payment

Date

All of the given options

Which of the following appears in both the Income Statement debit column and the Balance Sheet credit?

Select correct option:

Net income

Net loss

Dividends

Retained earnings

A book that keeps separate record for each account is known as:

Select correct option:

Trial Balance

Voucher

General Journal

General Ledger

Which of the following Organization converts raw material into finished goods?

Select correct option:

Trading concern

Manufacturing concern

Merchandising concern

Service concern

Franchise rights, goodwill and patents are the examples of:

Select correct option:

Liquid assets

Tangible assets

Intangible assets

Current assets

Cost of goods sold + ending finished goods – opening finished goods=?

Select correct option:

Total factory cost

Cost of goods manufactured

Prime cost

Conversion cost

accounting, which of the following account will be credited if the bad debts are recovered in cash?

Select correct option:

Cash a/c

Bad debt recovered a/c

Doubtful debts a/c

Provision for bad debts a/c

What should be credited, if rent paid in cash?

Select correct option:

Landlord’s account

Rent account

Cash account

Accounts receivable account

Sales to Mr. “A” of Rs. 336 have been debited to Mr. “B” account, this will be rectified by:

Select correct option:

Debiting Mr. A’s account and crediting Mr. B’s account

Debiting Mr. B’s account and crediting Mr. A’s account

Crediting both accounts

Debiting both accounts

If cost of sales is Rs. 60,000, income from sales Rs. 95,000 and direct expenses Rs. 10,000. Calculate Net profit.

Select correct option:

Rs. 15,000

Rs. 35,000

Rs. 55,000

Rs. 60,000

Particulars Rs. Opening written down value of machine 4,10,000 Cost of machine purchased during the year 50,000 Depreciation during the year 20,000 closing written down value (WDV) of the Machines ?

Select correct option:

Rs. 4, 40,000

Rs. 4, 30,000

Rs. 4, 80,000

Rs. 70,000

Which of the following voucher is used to record receipt of cash?

Select correct option:

Journal Voucher

Receipt Voucher

Payment Voucher

Nominal Voucher

In double entry system discount received is recorded as:

Select correct option:

Creditors a/c (Dr.), Discount received a/c (Cr.)

Discount received a/c (Dr.), Creditors a/c (Cr.)

Debtor a/c (Dr.), Discount received a/c (Cr.)

Discount received a/c (Dr.), Debtor a/c (Cr.)

The expenses which are NOT paid out of Gross Profit is classified as:

Select correct option:

Direct Expenses

General Expenses

Financial Expenses

Selling Expenses

Which of the following account(s) would be decreased with a debit?

Select correct option:

Capital

Retained Earnings

Revenues

All of the given options

Which of the following is fiscal Year of Government of Pakistan?

Select correct option:

1st January to 31st December

1st June to 31st May

1st July to 30th June

1st October to 30th September

Which of the following is/are inventory valuation method(s)?

Select correct option:

FIFO

LIFO

Weighted average

All of the given options

Which of the following particular/s is/are included in receipt voucher?

Select correct option:

Name of organization

Bank receipt

Date

All of the given options

Which of the following assets is most likely to appreciate rather than depreciate?

Select correct option:

Land

Motor vehicles

Plant and machinery

Fixtures and fittings

Which of the following item needs to be entered in the Cash Book in order to bring it in line with the entries on the Bank Statement?

Select correct option:

A bank charges

An error on the Bank Statement

An uncredited deposit

An unpresented cheque

Wages paid to laborers working in the manufacturing department is treated as an expense of:

Select correct option:

Cost of goods sold

Administrative expenses

Selling expenses

Marketing expenses

Bad debts written off (given in adjustment) always affect the:

Select correct option:

Debtors account

Creditors account

Cash account

Capital account

Carriage paid Rs. 50 for the newly purchased machinery if debited to carriage account will effect:

Select correct option:

Only carriage account

Only machinery account

Both carriage and machinery account

None of the given options

Cost of goods manufactured – opening work in process + ending work in process =?

Select correct option:

Cost of goods sold

Prime cost

Conversion cost

Total factory cost

If cost of sales is Rs. 95,000, income from sales Rs. 200,000 and operating expenses Rs. 300,000. What will be net result?

Select correct option:

Rs. 1, 95,000 Losses

Rs. 1, 95,000 Profits

Rs 1, 05,000 Profits

Rs1, 05,000 Losses

What is the proper order of the following steps in the accounting process? I. Prepare and analyze the trial balance II. Record relevant transactions and events in a journal III. Analyze each transaction and event from source documents IV. Post journal information to ledger accounts

Select correct option:

III. IV. I. II.

I. II. III. IV.

III. II. IV. I.

III. II. I. IV.

Sales to Mr. “A” of Rs. 336 have been debited to Mr. “B” account, this will be rectified by:

Select correct option:

Debiting Mr. A’s account and crediting Mr. B’s account

Debiting Mr. B’s account and crediting Mr. A’s account

Crediting both accounts

Debiting both accounts

Which of the following expenses are called financial expenses?

Select correct option:

Payment of rent & Salary expense

Markup on loan& Bank Charges

Interest & advertisement expense

Wages and Depreciation expense

Cash and other resources that are expected to turn to cash or to be used up within one year of the balance sheet date are called:

Select correct option:

Current liability

Current assets

Fixed assets

Long-term assets

Money spent to acquire or upgrade physical assets is known as:

Select correct option:

Revenue Expense

Capital Expense

Administrative Expense

Operating Expense

Which of the following might be a reason, when a Bank Statement show greater balance then Cash Book balance at the end of specified period?

Select correct option:

Unpresented cheques

Unrecorded bank charges

Uncredited cheques

None of the given options

Which of the following particular is NOT included in journal voucher?

Select correct option:

Name of organization

Bank receipt number

Debit amount

Credit amount

Consider the following data: Particulars Rs. Assets ? Owner’s equity 35,000 Liabilities 90,000

Select correct option:

Rs. 35,000

Rs. 55,000

Rs. 1, 25,000

Rs. 1, 05,000

If, Cost of machine = Rs.400, 000 Useful life = 5 years Residual value = Rs.25, 000 Sale price = Rs.40, 000 Rate of depreciation = 40% What will be depreciation of machine after one years using diminishing balance method?

Select correct option:

Rs. 1, 60,000

Rs. 11,840

Rs. 34,560

Rs. 34,860

If, Cost of machine = Rs.400, 000 Useful life = 5 years Residual value = Rs.25, 000 Sale price = Rs.40, 000 Rate of depreciation = 40% What will be book value of machine after four years using straight line method?

Select correct option:

Rs.35, 000

Rs.40, 000

Rs.55, 000

Rs.75, 000

Amount generated from sales in a business is called:

Select correct option:

Income

Net Income

Gross Profit

Operating profit

___________= Gross profit

Select correct option:

Net Profit

Gross Profit

Net Loss

Gross Loss

Which of the following is an example of operating expense?

Select correct option:

Purchasing operating equipment

Purchasing cleaning services

Purchasing an investment in another company

Purchasing a computer for the accounting office

Net profit = Gross profit – _________

Select correct option:

Operating Expenses

Product Cost

Deferred Expenses

Direct Cost

which of the following statement/s closing stock is/are shown?

Select correct option:

Profit and loss account

Balance sheet

Income statement

All of the given options

If Gross profit Rs.16,500 and Cost of goods sold Rs.183,500, what will be the amount of Net Sales?

Select correct option:

Rs. 183, 500

Rs. 167, 000

Rs. 200, 000

Rs. 230, 000

Cost of goods manufactured + opening finished goods – ending finished goods =?

Select correct option:

Total factory cost

Cost of goods sold

Prime cost

Conversion cost

Goods sold to Mr. Salman for RS. 6,000 have been forgotten to enter in books of accounts, this is an example of:

Select correct option:

Error of Omission

Error of Commission

Error of Principle

Error of Original entry

Which of the following account balance is shown on credit side of Trial Balance? (It is assumed that all account balances are shown on normal balance)

Select correct option:

Cash account

Furniture account

Vehicle account

Capital account

A debit balance in the Bank Statement indicates:

Select correct option:

Cash at bank

Bank overdraft

Overpayment to creditors

Cash in hand

Increase in an expense is recorded on the: