Author name: Administrator

1797. The budget line is also known as the

Iso-utility curve
Production possibility line
Isoquant
Consumption possibility line
✅ The correct answer is D.
The budget line is also known as the Consumption possibility line. The CPF, or consumption–possibility frontier, is the budget constraint where participants in international trade can consume.

165. Bank Reconciliation statement is prepared by

Accountant of business
Manager of business
Controller of business
Accountant of the bank
✅ The correct answer is A.
Bank Reconciliation statement is prepared by Accountant of business. Bank reconciliation statement is generally prepared by the company accountant or the bookkeeper with the purpose to compare the bank’s records with your own company records. It is done on monthly basis whenever bank statement arrives.

1799. Cost accounting differs from financial accounting in respect of ________.

reporting of cost
ascertainment of cost
control of cost
recording of cost
✅ The correct answer is B.
Cost accounting differs from financial accounting in respect of ascertainment of cost. Cost Accounting refers to that branch of accounting which deals with costs incurred in the production of units of an organization. On the other hand, financial accounting refers to the accounting concerned with recording financial data of an organization, in order to exhibit exact position of the business.

166. Which of the following capital is taken up by the general public?

Issued capital
Subscribed capital
Authorized capital
Reserve capital
✅ The correct answer is A.
Issued capital is taken up by the general public. Such capital can be offered to the public at a later date. It is that part of subscribed capital, which is called by the company to pay on shares allotted. It is not necessary for the company to call for the entire amount on shares subscribed for by shareholders.

1807. Which method of costing can be used in furniture manufacture industry?

Job costing
Contract costing
Process costing
Specific order costing
✅ The correct answer is A.
Job costing method of costing can be used in furniture manufacture industry. A job card is made for each work or job. This method of costing is used in the factories which produce the machine tool and other engineering products, furniture projects, hardware and interior decoration. This method of costing is also called a piece of work costing or terminal costing.

1787. Overhead refers to:

Direct or Prime Cost
All Indirect costs
only Factory indirect costs
Only indirect expenses
✅ The correct answer is B.
Overhead refers to all Indirect costs. Indirect costs include administration, personnel and security costs. These are those costs which are not directly related to production. Some indirect costs may be overhead. But some overhead costs can be directly attributed to a project and are direct costs.
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