Which of the following is NOT an objective of Cost Accounting? MCQ with Answer and Explanation
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Question #1
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Consider these journal entries: 1. Drawings A/c Dr., To Purchases A/c 2. Machinery A/c Dr., To Cash A/c 3. Rent A/c Dr., To Outstanding Rent A/c 4. Bank A/c Dr., To Interest Received A/c. Which combination represents a compound journal entry?
Correct Answer: Option A
Explanation:
All given entries involve only two accounts, hence are simple journal entries.
All given entries involve only two accounts, hence are simple journal entries.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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In Social Cost Benefit Analysis (SCBA), 'Shadow Pricing' is used to:
Correct Answer: Option A
Explanation:
Shadow prices reflect the true opportunity cost of resources to society, used when market prices fail to reflect this true cost.
Shadow prices reflect the true opportunity cost of resources to society, used when market prices fail to reflect this true cost.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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Which document is issued by an unregistered supplier under GST when they sell exempted goods?
Correct Answer: Option D
Explanation:
A Bill of Supply is issued instead of a Tax Invoice when dealing in exempted goods or when the supplier is under the Composition Scheme.
A Bill of Supply is issued instead of a Tax Invoice when dealing in exempted goods or when the supplier is under the Composition Scheme.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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