Tag: commercial applications

Questions Related to commercial applications

Match List-I with List-II and select the correct answer using the codes given the lists.

List-I(Accounting concept) List-II(Principle involved)
I. Consistency (a) Losses are anticipated and accounted for in advance but profits are not accounted for until realised
II. Comparability (b) All the relevant financial information should be summarised and presented in the accounting statements
III. Conservatism (c) According procedures in an entity should be followed uniformly from period to period
IV. Disclosure (d) Accounting statement of different periods of an entity and those of different entities of a period should be based on the same accounting principles and procedures
(e) Personal Judgement of accountants should not influence accounting measurements
commercial applications basic accounting principles and concepts meaning and purposes of accounting need and basic principles of accounting generally accepted accounting principles

  1. I-(d), II-(c), III-(e), IV-(b)

  2. I-(c), II-(d), III-(a), IV-(b)

  3. I-(d), II-(c), III-(a), IV-(e)

  4. I-(c), II-(d), III-(b), IV-(e)

Show answer
Correct Option: B
Explanation:
  1. Consistency: The consistency principle states  that, once you adopt an accounting principle or method, continue to follow it consistently in future accounting periods. Only change an accounting principle or method if the new version in some way improves reported financial results. 
    2. Comparability: It is one of the key qualities which accounting information must possess. Accounting information is comparable when accounting standards and polices are applied consistently from one period to another and from one region to another.
    3. Conservatism: Under the conservatism principle, if there is uncertainty about incurring a loss, you should tend towards recording the loss. Conversely, if there is uncertainty about recording a gain you should not record the gain.
    4. Disclosure: Full disclosure principle requires a company to provide the necessary information so that people who are accustomed to reading financial information can make informed decisions concerning the company. All relevant financial information should be summarised and presented in the accounting statements. 

Consider the following

    1. Pricing objective
    2. Pricing methods
    3. Pricing strategies
    4. Pricing decision
    Arrange them in correct sequence

    commercial applications marketing mix - 4 p's meaning and objectives of pricing pricing strategies pricing

    1. (1), (3), (2), (4)

    2. (1), (4), (3), (2)

    3. (2), (1), (4), (3)

    4. (4), (2), (3), (1)

    Show answer
    Correct Option: A

    Consider the following

      1. Changes in quality
      2. Changes in compositions
      3. Tastes and preferences
      4. Price differences
      Which of the above impose limitations in the use of price indices to measure the terms o

      commercial applications marketing mix - 4 p's meaning and objectives of pricing pricing strategies pricing

      1. 1 and 2

      2. 2 and 3

      3. 1, 2 and 3

      4. 1, 2 and 4

      Show answer
      Correct Option: D

      Tender Price means _______________.

      commercial applications marketing mix - 4 p's meaning and objectives of pricing pricing strategies pricing

      1. Quotation Price

      2. Probable Sale Price

      3. Price informed to the customer

      4. All of the above

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      Correct Option: D

      Securities with less predictable prices and have longer maturity time is considered as ______________.

      commercial applications marketing mix - 4 p's meaning and objectives of pricing pricing strategies pricing

      1. cash equivalents

      2. long-term investments

      3. inventories

      4. short-term investments

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      Correct Option: D

      If actual selling price is 500,actual result is 500,actual result is 250 and actual units sold are 350, then selling price variance will be _____________.

      commercial applications marketing mix - 4 p's meaning and objectives of pricing pricing strategies pricing

      1. $87, 500

      2. $97, 500

      3. $67, 500

      4. $57, 500

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      Correct Option: A

      The exchange value of a good or service in terms of money is?

      commercial applications marketing mix - 4 p's meaning and objectives of pricing pricing strategies pricing

      1. Cost

      2. Price

      3. Profit

      4. Sales

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      Correct Option: B

      Pricing policies may be classified into.

      commercial applications marketing mix - 4 p's meaning and objectives of pricing pricing strategies pricing

      1. Target rate of return

      2. Stability in prices

      3. Maximising profit

      4. Minimising cost

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      Correct Option: D

      Which of the following is not a geographic pricing?

      commercial applications marketing mix - 4 p's meaning and objectives of pricing pricing strategies pricing

      1. FOB pricing

      2. Zone pricing

      3. Basic point pricing

      4. Dual pricing

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      Correct Option: D

      Price ling is closely related to.

      commercial applications marketing mix - 4 p's meaning and objectives of pricing pricing strategies pricing

      1. Psychological prices

      2. Customary prices

      3. Prestige prices

      4. Both (A) and (B)

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      Correct Option: D