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All Answers for Accountant/Accounting Exam
1.“Gross profit” refers to
- C. Sales revenue minus sales cost.
2.Company A finds out it’s missing one machine during property inventory. This should be accounted under?
- B. Non-operating expenses
3.The principle of “parallel accounting” can be summed up as?
- D. Matching amount
4.Which of the following is not part of accounting standards?
- C. Comparable.
5.Which of the following doesn’t belong to purchase cost?
- D. Agent travel.
6.Which of the following is a legitimate account?
- D. Raw materials.
7.Which of the following should be accounted under product cost?
- D. Manufacturing
8.Based on what do accountant record and verify transactions of corporations / governments / institutions?
- B. Monetary unit.
9.The fundamental role of accountants is?
- C. To record and verify.
10.Which of the following does not belong to period cost?
- A. Manufacturing cost.
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