Management Accounting

Multiple Choice & Single choice Question-Answer:

Question: The cost that indicates historical cost, which is incurred in past, is known Answer: Sunk cost

Question:Which of the following budgets may be termed as a long term budget?
Answer:Capital expenditure budget , Research and Development expenditure budget , Budget of a transportation company

Select The Blank

Question: The budget that represents the funds investment for expansion, diversification, etc. is known as ________.
Answer: Capital expenditure budget

Question:The ________ variance is the difference between the actual variable overhead incurred and the standard variable overhead charged to production.
Answer: Total variable overhead

Question: Features of Financial Accounting includes-----------------
Answer: It is a legal requirement , It protects the interest of outsiders , It considers historical transactions