Q1: What is Auditing?
1: Examination of books of accounts 2: Done by independent person 3: Checks accuracy and reliability 4: Finds errors and frauds 5: Gives opinion on financial statements
Q5: Break Even Analysis
1: No profit no loss point 2: Sales = Total cost 3: Helps in planning 4: Formula: Fixed cost / P/V ratio 5: Used for decision making
Q4: Variable Cost
1: Changes with output 2: Per unit remains same 3: Example raw material, wages 4: Output related 5: Increases with production
Q3: Fixed Cost
1: Remains constant in total 2: Per unit changes 3: Example rent, salary 4: Independent of output 5: Time related
Q2: Elements of Cost
1: Direct material 2: Direct labor 3: Direct expenses 4: Factory overhead 5: Office overhead
Q1: What is Cost Accounting?
1: Process of recording and controlling cost 2: Helps in cost ascertainment 3: Used for decision making 4: Internal users focused 5: Includes costing methods
Q5: Breach of Contract
1: Failure to perform promise 2: Gives right to sue 3: Remedies include damages 4: Can be actual or anticipatory 5: Ends legal obligation
Q4: Consideration
1: Something in return 2: Must be lawful 3: Can be past, present or future 4: Need not be adequate 5: Essential for contract
Q3: Offer and Acceptance
1: Offer is proposal by one party 2: Acceptance is agreement to offer 3: Must be communicated 4: Must be unconditional 5: Creates contract
Q2: Types of Contract
1: Valid contract 2: Void contract 3: Voidable contract 4: Illegal contract 5: Unenforceable contract