These accounts are obligatory to be prepared according to the legal requirements of Companies Act and Income Tax Act.

Related MCQs

• ____________ Accounts is the name given to a system whereby cost and financial accounts are kept in the same set of books.
• The budget relating to ………….must be prepared first and the other budgets should be prepared in the light of that factor.
• ……………..includes financial and cost accounting, tax planning and tax accounting.
• A company estimates its direct material requirements for the month of November 2014 to be Rs. 2,40,000 and the direct labour to be Rs. 1,500,00. It is the policy of the company to absorb overheads as under : Factory overheads 60% of direct wages Administrative overheads 20% of work cost Selling and distribution overheads 25% of work cost it is estimated that the selling and distribution overheads will increase by 15% in November the budgeted sales for the month of November 2014 is
• Cost accounts deal partly with facts and figures and partly with………
• ABC Ltd. has prepared the cash budget for the year 2014-2015 and provided the following information pertaining to sales value : Month Rs. April 2014 2,50,000 May 2014 2,80,000 June 2014 3,20,000 July 2014 3,50,000 20% of the monthly sales are expected to be on cash basis. 60% of the credit sales are expected to be realised in the month following the month of sales and remaining 40% are expected to be realized in the second month following the month of sale. The estimated cash receipts in the month of June 2014 are:
• Where the work is undertaken to Customers’ special requirements and each order is of comparatively short-duration, it is called…………..costing.
• Where the work is undertaken to customer’s special requirements and each order is of comparatively short duration, then it is called:
• Each job has a ………….. prepared for it that bears the job number and which is used to collect all cost data relating to job.
• The requirements of a particular job are known as ……………………