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

Which of the following is not a function of cost accounting?
A. Assisting in decision making
B. Ascertaining cost
C. Preparation of financial statements
D. Cost control
Answer: Option C
Solution (By JKSSB Mock Tests)
Preparation of financial statements is the function of financial accounting, not cost accounting.

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Practice More Accountancy and Book Keeping Questions

Question #1
S1: Audit reporting is the final stage of the audit process. S2: The auditor's report is addressed to the shareholders of the company. Which statement(s) is/are correct?
A. S2 only
B. S1 only
C. Neither S1 nor S2
D. Both S1 and S2

Correct Answer: Option D


Explanation:
Audit reporting is indeed the final stage where the auditor expresses their opinion. Under the Companies Act, the auditor's report is addressed to the members (shareholders) of the company. Both statements are correct.

Question #2
Which of the following is an 'Accounting Estimate'?
A. Useful life of an asset
B. Inventory valuation method
C. Depreciation method
D. Revenue recognition policy

Correct Answer: Option A


Explanation:
Useful life is an estimate; depreciation method is an accounting policy.

Question #3
Carriage outward is shown in:
A. Trading A/c
B. Balance Sheet
C. Manufacturing A/c
D. Profit & Loss A/c

Correct Answer: Option D


Explanation:
Carriage outward is a selling and distribution expense, so it appears in Profit & Loss Account.