Which of the following is a feature of standard costing? MCQ with Answer and Explanation
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Question #1
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The 'Interim Financial Reporting' (Ind AS 34) suggests that the same accounting policies should be applied as in annual statements. This is an application of:
Correct Answer: Option C
Explanation:
Applying same policies ensures consistency.
Applying same policies ensures consistency.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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Budgetary control system involves:
Correct Answer: Option A
Explanation:
Budgetary control is the establishment of budgets relating to responsibilities of executives to the requirements of a policy and the continuous comparison of actual with budgeted results.
Budgetary control is the establishment of budgets relating to responsibilities of executives to the requirements of a policy and the continuous comparison of actual with budgeted results.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Which of the following statements regarding a Bank Reconciliation Statement (BRS) is TRUE?
Correct Answer: Option B
Explanation:
A BRS is prepared by the account holder (customer) on a specific date to explain differences between the cash book and pass book. It is a statement, not an account, so it does not involve journal entries.
A BRS is prepared by the account holder (customer) on a specific date to explain differences between the cash book and pass book. It is a statement, not an account, so it does not involve journal entries.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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