548. All partners have limited liability in

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unlimited liability partnership
limited liability partnership
controlled partnership
uncontrolled partnership
✅ The correct answer is B.
All partners have limited liability in limited liability partnership. LLP is an alternative corporate business form that gives the benefits of limited liability of a company and the flexibility of a partnership.

584. Supplies, plant maintenance, plant rent, plant insurance and cleaning labour comes under which type of costs?

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labour costs
factory overhead costs
finished costs
manufacturing costs
✅ The correct answer is B.
Supplies, plant maintenance, plant rent, plant insurance and cleaning labour comes under factory overhead costs. Factory overhead is the costs incurred during the manufacturing process, not including the costs of direct labor and direct materials. Factory overhead is normally aggregated into cost pools and allocated to units produced during the period.

581. “How many units must be sold if company wants to achieve a profit of Rs 11,000 for the year? Selling price – Rs 6 per unit Variable production cost – Rs 1.20 per unit Variable selling cost – Rs 0.40 per unit Fixed production cost – Rs 4 per unit Fixed selling cost – Rs 0.80 per unit Budgeted production and sales for the year are 10,000 units.”

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2,500 units
9,833 units
10,625 units
13,409 units
✅ The correct answer is D.

578. What are the two methods of underwriting?

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Direct and indirect
Accept and decline
Judgement and numerical
Open-ended and close-ended
✅ The correct answer is C.
Judgement and numerical are the two methods of underwriting. In the judgement method, subjective judgment is used, often relying on the expert opinion of a medical professional known as the medical referee, especially when the deciding case is complex.

48. Office equipment is a ______ asset for a computer manufacturer and the same office equipment is a ____ asset for a company that deals in these equipments

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Current, fixed
Fixed, intangible
Tangible, intangible
Fixed, current
✅ The correct answer is D.
Office equipment is a Fixed asset for a computer manufacturer and the same office equipment is a current asset for a company that deals in these equipments.

47. A cheque returned by bank marked “NSF” means that

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Bank can’t verify your identity
There are not sufficient funds in your account
Cheque has been forged
Cheque can’t be cashed being illegal
✅ The correct answer is B.
A cheque returned by bank marked “NSF” means that There are not sufficient funds in your account. Non-sufficient funds (NSF) is a term used in the banking industry to indicate that a cheque cannot be honored because insufficient funds are available in the account on which the instrument was drawn.

563. Perpetual inventory system involves __________

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bincard and stores ledger
bill of material and material requisition
purchase requisition and purchase order
inward and outward invoices
✅ The correct answer is A.
Perpetual inventory system involves bincard and stores ledger. Perpetual Inventory System keeps a record of every now and then of materials. It comprises of Bin Card and Stores Ledger, to keep track of various items.

561. Cost influences by responsibility center manager who is considered as

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manager cost
influential cost
center cost
controllable cost
✅ The correct answer is D.
Cost influences by responsibility center manager who is considered as controllable cost. Controllable costs are those costs that can be altered in the short term. More specifically, a cost is considered to be controllable if the decision to incur it resides with one person.