Which of the following is not a function of cost accounting? MCQ with Answer and Explanation

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Which of the following is not a function of cost accounting?

A. Ascertaining cost

B. Preparation of financial statements

C. Assisting in decision making

D. Cost control

Answer: Option B

Solution (By JKSSB Mock Tests)

Preparation of financial statements is the function of financial accounting, not cost accounting.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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Question #1

During dissolution of a partnership, realization expenses paid by a partner on behalf of the firm are:

A. Debited to Cash A/c, Credited to Realisation A/c

B. Debited to Realisation A/c, Credited to Partner's Capital A/c

C. Debited to Partner's Capital A/c, Credited to Cash A/c

D. Ignored in the books

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Correct Answer: Option B

Explanation:
Because the firm owes the partner for this expense, it is charged to Realisation (Debit) and credited to the Partner's Capital account.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

Question #2

The balance of the Cash Book is:

A. Nil

B. Always a credit balance

C. Always a debit balance

D. Either debit or credit

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Correct Answer: Option C

Explanation:
Cash Book is a book of original entry and a ledger account. Its balance represents cash in hand, which is always a debit balance (asset).

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Question #3

The 'Data Analytics' in audit is used to:

A. Replace auditors

B. Prepare tax returns

C. Set audit fees

D. Analyse large volumes of data to identify anomalies and patterns

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Correct Answer: Option D

Explanation:
Data analytics enhances audit quality by enabling deeper insights.

This question belongs to: Accountancy and Statistics Accountancy and Book Keeping

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