Accounting MCQs

1590 MCQs (Page 47 of 159)

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You have been proposed as auditor of a company. What is the first step that you should take?

A. Obtain the client’s permission to communicate with the existing auditor
B. Obtain the existing auditor’s working papers
C. Obtain a copy of the company’s most recent board minutes
D. Obtain a copy of the existing auditor’s letter of engagement

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Which of these are types of Audit Report?

A. unqualified opinion
B. qualified opinion
C. adverse opinion
D. disclaimer of opinion.

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Total depreciation of an asset cannot exceed its:

A. Scrap value
B. Residual value
C. Market value
D. Depreciable value

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Find the cost of goods sold if goods are sold for 2,000 at 25% profit on cost?

A. 1,600
B. 1,500
C. 1,000
D. 1,800

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A Ltd. Has sales of 2,200, total fixed cost of 570, variable cost of 1,540, raw material consumed of ` 1,100, number of units sold 22,000. What shall be the BEP 9 in units) if raw material price is reduced by 2%?

A. 18,387
B. 18,560
C. 18,750
D. 19,000

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The cost of obsolete inventory acquired several years ago, to be considered in a keep vs. disposal decision is an example of :

A. Uncontrollable cost
B. Sunk cost
C. Avoidable cost
D. Opportunity cost

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If the asset turnover and profit margin of a company are 1.85 and 0.35 respectively, the return on investment is.

A. 0.65
B. 0.35
C. 1.50
D. 5.29

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A company is currently operating at 80% capacity level. The production under normal capacity level is 1,50,000 units. The variable cost per unit is ` 14 and the total fixed costs are ` 8,00,000. If the company wants to earn a profit of ` 4,00,000, then the price of the product per unit should be

A. 37.50
B. 38.25
C. 24.00
D. 35.00

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Consider the following data pertaining to the production of a company for a particular month :

A. Opening stock of raw material 11,570
B. Closing stock of raw material 10,380
C. Purchase of raw material during the month 1,28,450
D. Total manufacturing cost charged to product 3,39,165

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If the minimum stock level and average stock level of raw material are 4,000 and 9,000 units respectively, find out its reorder quantity.

A. 8,000 units
B. 11,000 units
C. 10,000 units
D. 9,000 units

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