Correct Answer:
A. Cost
Cost includes the purchase price and directly attributable costs of bringing the asset to its location and condition.
November 13, 2026 · Accounting and Finance MCQs, Financial Accounting MCQs
Under IAS 16, property, plant and equipment is initially measured at:
Related MCQs
In double-entry bookkeeping, every transaction:
A.
Affects only one account
B.
Is recorded only as a debit
C.
Is recorded only in the cash book
D.
Affects at least two accounts with total debits equal to total credits
Correct answer is:
D. Affects at least two accounts with total debits equal to total credits
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An adverse opinion is issued when the effects of misstatements are:
A.
Material but not pervasive
B.
Trivial and isolated
C.
Both material and pervasive
D.
Related only to disclosures of no importance
Correct answer is:
C. Both material and pervasive
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A transfer price is:
A.
The price charged to external customers
B.
The price of raw materials from suppliers only
C.
The price at which goods or services are transferred between divisions of the same organization
D.
A government-regulated price
Correct answer is:
C. The price at which goods or services are transferred between divisions of the same organization
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As production volume increases within the relevant range, fixed cost per unit:
A.
Decreases
B.
Increases
C.
Stays the same
D.
Becomes zero
Correct answer is:
A. Decreases
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IPSAS (International Public Sector Accounting Standards) are issued by:
A.
International Accounting Standards Board (IASB)
B.
International Monetary Fund (IMF)
C.
International Public Sector Accounting Standards Board (IPSASB)
D.
World Bank
Correct answer is:
C. International Public Sector Accounting Standards Board (IPSASB)
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Fixed costs are Rs. 60,000, selling price is Rs. 50 per unit and variable cost is Rs. 30 per unit. The break-even point in units is:
A.
3,000 units
B.
2,000 units
C.
1,200 units
D.
6,000 units
Correct answer is:
A. 3,000 units
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