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Exam 7: Financial Accounting and Cost Management

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Question 1

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A system of control where persons are made responsible for control of cost

A) Cost control
B) Production control
C) Responsibility accounting
D) Budgeting

E) C) and D)
F) A) and B)

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Question 2

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A system where accounting is established with responsibility

A) Responsibility accounting
B) Financial accounting
C) Cost accounting
D) Budgeting

E) A) and D)
F) A) and C)

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Question 3

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Which of the following is not an inflow of cash

Increase in the amount of bills receivable results in--------------

Cash flows include

Sale of patent is classified under---------

A firm's investment in current asset is known as ----------------

--------- is a system where persons are made responsible for control of cost

Profit on sale of machinery comes under------------

Proposed dividend is classified as-----------

A segment of activity or area of operation for which revenues are accumulated is known as ------

A segment of activity or area of operation for which cost is collected is known as -----------------

Cash from operations is equal to------------------

A control system where accountability is established with responsibility is known as --------------

Dividend paid under AS- 3 is----------

Rent received by a company (whose main business is real estate) is classified as

A segment of activity for which revenues are accumulated

AS-3 is related to

A segment of activity for which cost is accumulated

Cash flow statement is based on----------