Tag: qualitative characteristics, objectives and roles of accounting

Questions Related to qualitative characteristics, objectives and roles of accounting

Costing system, which is a combination of process costing and job costing system is classified as _____________.

  1. weighted costing system

  2. average costing system

  3. hybrid costing system

  4. double costing system


Correct Option: C

A saree manufacturer marks 20% higher price on his sarees. He allows 10% discount to the coustomer and earns a profit of Rs. 56 The cost of the saree is _____________.

  1. Rs. 700

  2. Rs. 600

  3. Rs. 800

  4. Rs. 1, 000


Correct Option: A

Method which divides support department cost into two dimensions such as fixed and variable cost pool is classified as _____________.

  1. sales mix allocation method

  2. dual-rate cost-allocation method

  3. single rate cost allocation method

  4. quantity variance allocation method


Correct Option: B

Insurance Act came in to effect in _______.

  1. 1956

  2. 1972

  3. 1938

  4. None of these


Correct Option: C
Explanation:

The Insurance Act, 1938 is a law originally passed in 1938 in British India to regulate the insurance sector. It provides the broad legal framework within which the industry operates.