C:-Fixed assets

D:-Current liabilities

Correct Answer:- Option-B
Question30:-Outstanding expenses if any will be

A:-Debited along with the expense in the P/L account and shown as a liability
in the balance sheet

B:-Credited in the P/L account and shown as a liability in the balance sheet

C:-Debited along with the expense in the P/L account and shown as an asset in
the balance sheet

D:-None of the above
Correct Answer:- Option-A

Question31:-Which of the following statements are TRUE ?

(i) Cost Accounting = Costing + Application of Cost Control Methods +
Ascertainment of profitability

(11) Historical Costing aims at ascertaining actual cost where as standard costing
aims at cost control

(iii) Marginal costing considers both fixed costs and variable cost for important
decision making

A:-Statements |, Il and Ill are true
B:-Statements | and III are true
C:-Statements | and II are true
D:-Statements | alone is true
Correct Answer:- Option-C

Question32:-Which of the following is the RIGHT classification of cost according to
behaviour?

(i) Manufacturing cost, Administrative cost, Selling cost and Distribution cost

(ii) Fixed Cost, Variable Cost, Semi-variable cost

(iii), Explicit cost and implicit cost

A:-Statement | alone is right
B:-Statement II alone is right
C:-Statement III alone is right
D:-Statement I, Il and III are right
Correct Answer:- Option-B
Question33:-The costing method best suitable for pharmaceutical industry is
A:-Job costing
B:-Process costing
C:-Unit Costing
D:-Batch costing
Correct Answer:- Option-D
Question34:-Which of the following is NOT an objective of Cost Accounting?