'Internal Control' is the responsibility of: MCQ with Answer and Explanation
Question
Report Error
Discuss this Question (0)
Practice More Accountancy and Book Keeping Questions
Question #1
Report Error
A costing system that focuses on continuous small improvements in manufacturing processes to reduce costs is known as:
Correct Answer: Option B
Explanation:
Kaizen costing is a Japanese concept involving continuous, incremental improvements to reduce costs during the manufacturing phase.
Kaizen costing is a Japanese concept involving continuous, incremental improvements to reduce costs during the manufacturing phase.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
Report Error
S1: The Sales Book records only credit sales of goods. S2: The Sales Return Book records returns of goods sold on credit. Which statement(s) is/are correct?
Correct Answer: Option D
Explanation:
The Sales Book (or Sales Day Book) is strictly for credit sales of trading goods. The Sales Return Book (or Returns Inwards Book) records goods returned by customers that were originally sold on credit. Both are correct.
The Sales Book (or Sales Day Book) is strictly for credit sales of trading goods. The Sales Return Book (or Returns Inwards Book) records goods returned by customers that were originally sold on credit. Both are correct.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
Report Error
The formula 'Fixed Cost / Contribution Margin per Unit' is used to find:
Correct Answer: Option B
Explanation:
This formula yields the exact number of units a company needs to sell to cover all its fixed and variable costs.
This formula yields the exact number of units a company needs to sell to cover all its fixed and variable costs.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
No comments yet. Be the first to start the discussion!