Current Development In Accounting-02
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ACCOUNTING FOR MANAGERS
1
CHAPTER -15 CURRENT DEVELOPMENTS IN ACCOUNTING
1. What is mean by concepts of value added? a. Addition of wealth made by the organization with the efforts of management and employees using capital. b. It is measured as the sales and cost of the material and service purchased from outside. c. Value added includes Administration and selling overhead and profit. d. All the above. 2. Value added is the key measures of ______________? a. Performance. b. Wealth. c. Both a &b. d. None. 3. For calculating profit = _____________________? a. profit = sales revenue – value added services. b. Profit = sales revenue + value added services. c. Profit = sales revenue * value added services. d. None of the above.
Multiple Choice Questions on Current developments in Accounting prepared by the students of ICFAI National College- Mehdipatnam, under the guidance of Mr. Mohd. Nazeer Ahmed, Faculty Member for Finance.
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ACCOUNTING FOR MANAGERS
2
4. ___________________ are the approaches for the computation of value added? a. Additive approach. b. Subtractive approach. c. Value added ratio. d. Gross value added. e. Both a & b 5. Net value added (NNA) = ________________? e. sales revenue – Depreciation. f. sales revenue + Depreciation. g. sales revenue * Depreciation. h. None of the above. 6. The advantages of value –added statements? i. Value added concept is the most relevant concept of the social responsibility concept of the enterprise. j. Value added statement can be taken as a means to introduce the productivity linked bonus scheme for employees. k. Value added based ratios can be used for comparisons with other companies and for international comparisions. l. All the above. 7.
What are the items related to additive approach? a. Wages & salaries. b. Interest. c. Depreciation . d. All the above.
Multiple Choice Questions on Current developments in Accounting prepared by the students of ICFAI National College- Mehdipatnam, under the guidance of Mr. Mohd. Nazeer Ahmed, Faculty Member for Finance.
2
ACCOUNTING FOR MANAGERS
8.
3
What are the items related to subtractive approach? a. Raw materials. b. Bought in components c. Sub-contracted processing. d. All the above.
9. Consumable stores come under which approach? a. Additive approach. b. Subtractive approach. c. Both a & b. d. None. 10. Profit before tax comes under which approach? a. Additive approach. b. Subtractive approach. c. Both a & b. d. None. 11. Which of the following is true? a. Value addition in service industries is higher than that of trading companies. b. Value addition in service industries is less than that of trading companies. c. Value addition in service industries is equal to that of trading companies. d. None of the above.
Multiple Choice Questions on Current developments in Accounting prepared by the students of ICFAI National College- Mehdipatnam, under the guidance of Mr. Mohd. Nazeer Ahmed, Faculty Member for Finance.
3
ACCOUNTING FOR MANAGERS
4
12. Which of the following are brand valuation methods ? a. Earnings valuation method. b. Cost method. c. Both a & b. d. None. 13.
The Upward movement of price of goods and services which is measured by consumer price index and producer price index is called ? a. Cost method. b. Inflation. c. Current cost accounting. d. All the above.
14. The change in the cost of fixed basket of products and services is called ? a. Inflation b. Consumer price index. c. Producer price index. d. Inflation accounting. 15. An Inflationary indicator to evaluate who sale price levels in the economy is called ? a. Inflation b. Consumer price index. c. Producer price index. d. Inflation accounting. Multiple Choice Questions on Current developments in Accounting prepared by the students of ICFAI National College- Mehdipatnam, under the guidance of Mr. Mohd. Nazeer Ahmed, Faculty Member for Finance.
4
ACCOUNTING FOR MANAGERS
5
16. The method of recognizing and stating the effects of inflation in the final accounts of a corporate entity is ______________? a. Inflation accounting. b. Current cost accounting. c. Cost accounting. d. None of the above. 17.
The limitation of historical accounting? a.
Constant purchasing power is illogical due to changes in specific and general price level.
b.
It violates the law of additively.
c. It leads to erosion of operating capacity as the unrealistic profits are paid in the form of dividends. d. It does not differentiate between holding gains and operating gains. e. All the above. 18.
The objective of inflation accounting is? a.
To correct conventional historical cost accounting by recognizing the fact that purchasing power of money reduces Day - by - Day due to inflation.
b. To reduce the financial statements to real terms. c. To differentiate between holding gains and operating gains. d. Both a & b.
Multiple Choice Questions on Current developments in Accounting prepared by the students of ICFAI National College- Mehdipatnam, under the guidance of Mr. Mohd. Nazeer Ahmed, Faculty Member for Finance.
5
ACCOUNTING FOR MANAGERS
19.
6
The advantage of Inflation accounting? a. Eliminating holding gains. b.
Differentiating between operating and holding gains, thus arriving at the actual profits.
c.
Better inter - firm and inter - period comparision can be made.
d. All the above. 20.
____________are approaches to accounting for price level changes? a. Current purchasing accounting. b. Current cost accounting. c. Hybrid Method. d. All the above.
21.
Under ____________ accounting, the historical accounting data is adjusted on the basis of the general price index is ? a. Current purchasing power. b. Current cost accounting. c.
Hybrid Method.
d. None. 22. The combination of the factors of CCA and CPPA gives ? a. Current cost accounting. b. Hybrid Method. c. Current purchasing power accounting. d. None.
Multiple Choice Questions on Current developments in Accounting prepared by the students of ICFAI National College- Mehdipatnam, under the guidance of Mr. Mohd. Nazeer Ahmed, Faculty Member for Finance.
6
ACCOUNTING FOR MANAGERS
23.
7
The process of identifying, measuring and communicating information about human resources in order to facilitate effective management with in an organization is? a. Human resource accounting. b. Human resource management. c. Human resource Development. d. All the above.
24.
The primary purpose of HRA is to facilitate the management of people as? a.
Organizational resources.
b. Human resources. c. Both a & b. d. None. 25.
HRA Comprise ______________ aspects? a. Valuation of human resources. b.
Recording the valuation in the book of accounts.
c. Presenting the information in the financial statement for communication. d. All the above. 26.
The approaches suggest for valuation of human resources. a. Historical cost. b. Replacement cost. c. Opportunity cost. d. Standard cost. e. All the above.
Multiple Choice Questions on Current developments in Accounting prepared by the students of ICFAI National College- Mehdipatnam, under the guidance of Mr. Mohd. Nazeer Ahmed, Faculty Member for Finance.
7
ACCOUNTING FOR MANAGERS
27.
8
The important models of present value of approach are? a.
Present value of future earning model.
b. Reward valuation and Net Benefit model. c. Aggregate payment and total cost concept. d. A & B & C. e. None of the above. 28.
The investigation of criminal matter relating to employee theft, securities fraud, insurance fraud etc., is? a. Investigative accounting. b. Litigation support. c. Net benefit model. d. All the above.
29. _______________deals with quantification of economic damages. a. Investigative accounting. b. Litigation support. c. Net benefit model. d. All the above. 30.
The combination of accounting, auditing and investigative skills is called? a. Forensic accounting. b. Investigative accounting. c. Inflation accounting. d. Both a & b. e. None of the above.
Multiple Choice Questions on Current developments in Accounting prepared by the students of ICFAI National College- Mehdipatnam, under the guidance of Mr. Mohd. Nazeer Ahmed, Faculty Member for Finance.
8
ACCOUNTING FOR MANAGERS
31.
9
The Tool that quantifies the economic value of a brand? a. Brand valuation. b. Value added statement. c. Forensic accounting. d. Both a & b.
32.
Under __________ accounting, the adoption current cost is recommended to overcome the draw back of current purchasing power is? a. Current cost accounting. b. Hybrid method. c. Cost concept. d. All the above.
KEY 1.d 7.d 13.b 19. 25.d 31.a
2.c 8.d 14.b 20. 26.e 32.a
3.a 9.d 15.c 21.a 27.
4.e 10.a 16.a 22.b 28.a
5.a 11.a 17.e 23.a 29.b
6.d 12.c 18. 24.a 30.
Multiple Choice Questions on Current developments in Accounting prepared by the students of ICFAI National College- Mehdipatnam, under the guidance of Mr. Mohd. Nazeer Ahmed, Faculty Member for Finance.
9
1
CHAPTER -15 CURRENT DEVELOPMENTS IN ACCOUNTING
1. What is mean by concepts of value added? a. Addition of wealth made by the organization with the efforts of management and employees using capital. b. It is measured as the sales and cost of the material and service purchased from outside. c. Value added includes Administration and selling overhead and profit. d. All the above. 2. Value added is the key measures of ______________? a. Performance. b. Wealth. c. Both a &b. d. None. 3. For calculating profit = _____________________? a. profit = sales revenue – value added services. b. Profit = sales revenue + value added services. c. Profit = sales revenue * value added services. d. None of the above.
Multiple Choice Questions on Current developments in Accounting prepared by the students of ICFAI National College- Mehdipatnam, under the guidance of Mr. Mohd. Nazeer Ahmed, Faculty Member for Finance.
1
ACCOUNTING FOR MANAGERS
2
4. ___________________ are the approaches for the computation of value added? a. Additive approach. b. Subtractive approach. c. Value added ratio. d. Gross value added. e. Both a & b 5. Net value added (NNA) = ________________? e. sales revenue – Depreciation. f. sales revenue + Depreciation. g. sales revenue * Depreciation. h. None of the above. 6. The advantages of value –added statements? i. Value added concept is the most relevant concept of the social responsibility concept of the enterprise. j. Value added statement can be taken as a means to introduce the productivity linked bonus scheme for employees. k. Value added based ratios can be used for comparisons with other companies and for international comparisions. l. All the above. 7.
What are the items related to additive approach? a. Wages & salaries. b. Interest. c. Depreciation . d. All the above.
Multiple Choice Questions on Current developments in Accounting prepared by the students of ICFAI National College- Mehdipatnam, under the guidance of Mr. Mohd. Nazeer Ahmed, Faculty Member for Finance.
2
ACCOUNTING FOR MANAGERS
8.
3
What are the items related to subtractive approach? a. Raw materials. b. Bought in components c. Sub-contracted processing. d. All the above.
9. Consumable stores come under which approach? a. Additive approach. b. Subtractive approach. c. Both a & b. d. None. 10. Profit before tax comes under which approach? a. Additive approach. b. Subtractive approach. c. Both a & b. d. None. 11. Which of the following is true? a. Value addition in service industries is higher than that of trading companies. b. Value addition in service industries is less than that of trading companies. c. Value addition in service industries is equal to that of trading companies. d. None of the above.
Multiple Choice Questions on Current developments in Accounting prepared by the students of ICFAI National College- Mehdipatnam, under the guidance of Mr. Mohd. Nazeer Ahmed, Faculty Member for Finance.
3
ACCOUNTING FOR MANAGERS
4
12. Which of the following are brand valuation methods ? a. Earnings valuation method. b. Cost method. c. Both a & b. d. None. 13.
The Upward movement of price of goods and services which is measured by consumer price index and producer price index is called ? a. Cost method. b. Inflation. c. Current cost accounting. d. All the above.
14. The change in the cost of fixed basket of products and services is called ? a. Inflation b. Consumer price index. c. Producer price index. d. Inflation accounting. 15. An Inflationary indicator to evaluate who sale price levels in the economy is called ? a. Inflation b. Consumer price index. c. Producer price index. d. Inflation accounting. Multiple Choice Questions on Current developments in Accounting prepared by the students of ICFAI National College- Mehdipatnam, under the guidance of Mr. Mohd. Nazeer Ahmed, Faculty Member for Finance.
4
ACCOUNTING FOR MANAGERS
5
16. The method of recognizing and stating the effects of inflation in the final accounts of a corporate entity is ______________? a. Inflation accounting. b. Current cost accounting. c. Cost accounting. d. None of the above. 17.
The limitation of historical accounting? a.
Constant purchasing power is illogical due to changes in specific and general price level.
b.
It violates the law of additively.
c. It leads to erosion of operating capacity as the unrealistic profits are paid in the form of dividends. d. It does not differentiate between holding gains and operating gains. e. All the above. 18.
The objective of inflation accounting is? a.
To correct conventional historical cost accounting by recognizing the fact that purchasing power of money reduces Day - by - Day due to inflation.
b. To reduce the financial statements to real terms. c. To differentiate between holding gains and operating gains. d. Both a & b.
Multiple Choice Questions on Current developments in Accounting prepared by the students of ICFAI National College- Mehdipatnam, under the guidance of Mr. Mohd. Nazeer Ahmed, Faculty Member for Finance.
5
ACCOUNTING FOR MANAGERS
19.
6
The advantage of Inflation accounting? a. Eliminating holding gains. b.
Differentiating between operating and holding gains, thus arriving at the actual profits.
c.
Better inter - firm and inter - period comparision can be made.
d. All the above. 20.
____________are approaches to accounting for price level changes? a. Current purchasing accounting. b. Current cost accounting. c. Hybrid Method. d. All the above.
21.
Under ____________ accounting, the historical accounting data is adjusted on the basis of the general price index is ? a. Current purchasing power. b. Current cost accounting. c.
Hybrid Method.
d. None. 22. The combination of the factors of CCA and CPPA gives ? a. Current cost accounting. b. Hybrid Method. c. Current purchasing power accounting. d. None.
Multiple Choice Questions on Current developments in Accounting prepared by the students of ICFAI National College- Mehdipatnam, under the guidance of Mr. Mohd. Nazeer Ahmed, Faculty Member for Finance.
6
ACCOUNTING FOR MANAGERS
23.
7
The process of identifying, measuring and communicating information about human resources in order to facilitate effective management with in an organization is? a. Human resource accounting. b. Human resource management. c. Human resource Development. d. All the above.
24.
The primary purpose of HRA is to facilitate the management of people as? a.
Organizational resources.
b. Human resources. c. Both a & b. d. None. 25.
HRA Comprise ______________ aspects? a. Valuation of human resources. b.
Recording the valuation in the book of accounts.
c. Presenting the information in the financial statement for communication. d. All the above. 26.
The approaches suggest for valuation of human resources. a. Historical cost. b. Replacement cost. c. Opportunity cost. d. Standard cost. e. All the above.
Multiple Choice Questions on Current developments in Accounting prepared by the students of ICFAI National College- Mehdipatnam, under the guidance of Mr. Mohd. Nazeer Ahmed, Faculty Member for Finance.
7
ACCOUNTING FOR MANAGERS
27.
8
The important models of present value of approach are? a.
Present value of future earning model.
b. Reward valuation and Net Benefit model. c. Aggregate payment and total cost concept. d. A & B & C. e. None of the above. 28.
The investigation of criminal matter relating to employee theft, securities fraud, insurance fraud etc., is? a. Investigative accounting. b. Litigation support. c. Net benefit model. d. All the above.
29. _______________deals with quantification of economic damages. a. Investigative accounting. b. Litigation support. c. Net benefit model. d. All the above. 30.
The combination of accounting, auditing and investigative skills is called? a. Forensic accounting. b. Investigative accounting. c. Inflation accounting. d. Both a & b. e. None of the above.
Multiple Choice Questions on Current developments in Accounting prepared by the students of ICFAI National College- Mehdipatnam, under the guidance of Mr. Mohd. Nazeer Ahmed, Faculty Member for Finance.
8
ACCOUNTING FOR MANAGERS
31.
9
The Tool that quantifies the economic value of a brand? a. Brand valuation. b. Value added statement. c. Forensic accounting. d. Both a & b.
32.
Under __________ accounting, the adoption current cost is recommended to overcome the draw back of current purchasing power is? a. Current cost accounting. b. Hybrid method. c. Cost concept. d. All the above.
KEY 1.d 7.d 13.b 19. 25.d 31.a
2.c 8.d 14.b 20. 26.e 32.a
3.a 9.d 15.c 21.a 27.
4.e 10.a 16.a 22.b 28.a
5.a 11.a 17.e 23.a 29.b
6.d 12.c 18. 24.a 30.
Multiple Choice Questions on Current developments in Accounting prepared by the students of ICFAI National College- Mehdipatnam, under the guidance of Mr. Mohd. Nazeer Ahmed, Faculty Member for Finance.
9
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