61. Expenses such as rent and depreciation of
a building are shared by several departments
these are?
A. Direct
expenses
B. Joint expenses
C. Indirect expenses
B. Joint expenses
C. Indirect expenses
D. All of
the above
62. For preparing balance sheets prepaid
expenses are shown as part of?
A. Liability
B. Equities
C. Assets
D. None of these
B. Equities
C. Assets
D. None of these
63. Economic resources of a business that are
expected to be of benefit in the future are referred to as?
A. Liabilities
B. Owner’s equity
C. Withdrawals
D. Assets
B. Owner’s equity
C. Withdrawals
D. Assets
64. The payment of rent each month for office
space would?
A. Decrease total assets
B. Increase liabilities
C. Increase owner’s equity
D. None of these
B. Increase liabilities
C. Increase owner’s equity
D. None of these
65. Net income plus operating expenses is
equal to?
A. Net sales
B. Cost of goods available for sale
C. Cost of goods sold
D. Gross profit
B. Cost of goods available for sale
C. Cost of goods sold
D. Gross profit
66. A quantitative expression of management
objectives is an?
A. Organizational
chart
B. Management chart
C. Budget
D. Procedural chart
B. Management chart
C. Budget
D. Procedural chart
67. The time lag between indenting and
receiving material is called?
A. Idle time
B. Stock out time
C. Lead time
B. Stock out time
C. Lead time
D. None of
these
68. Productivity means?
A. All units
produced
B. Good units produced
B. Good units produced
C. The ability to produce
D. None of these
D. None of these
69. Short-term loan can be described as?
A. If the
period is three years
B. If the period is less than one year
C. If the period is over one year
B. If the period is less than one year
C. If the period is over one year
D. None of
above
70. Inventory turnover is calculated as under?
A. Gross profit/Closing Inventory
B. Sales/Opening Inventory
C. Cost of Goods sold/Closing Inventory
B. Sales/Opening Inventory
C. Cost of Goods sold/Closing Inventory
D. None of these
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