1) Master Budget is:
(a) Expansion of all budgets
(b) Total of all budget
(c) Summary of all budget
(d) None of above
Ans – (c) Summary of all budgets
2) Fund Flow Statement and Cash Flow Statement are presented to -
(a) Managing of Directors
(b) Board of Directors
(c) Purchase Manager
(d) Marketing Manager
Ans – (b) Board of Directors
3) Operating Cycle is of _______
(a) 3 Months
(b) 6 Months
(c) 12 Months
(d) Subjective but normally 12 months
Ans – (d) Subjective but normally 12 months
4) A Company’s Operating Income is:
(a) Gross profit – Operating Expense
(b) Operating Expense – Gross Profit
(c) Net Income - taxes
(d) Revenues – Cost of Goods sold
Ans – (a) Gross profit – Operating Expense
5) Financial Statements are part of
(a) Book-Keeping
(b) Management Accounting
(c) Accounting
(d) Cost Accounting
Ans – (c) Accounting
6) The determination of expenses for an accounting period is based on the principle of
(a) Prudence
(b) Materiality
(c) Matching
(d) Going Concern
Ans – (c) Matching
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