Salaries and wages can be classified as an expense in the financial statements.Select one:True False

Departmental income statements include:Multiple choice question.only direct expensesonly indirect expensesdirect and indirect expenses

True or false: Comparison of the actual and budgeted expenses in the income statement can be helpful for new ventures where there are multiple products or services.

. Indicate whether following statements relating to the financial accounting are True or False.True/FalseA It provides information for external party '''''''''''''''''''''''''''''''''''''''B It base estimated information '''''''''''''''''''''''''''''''''''''''C It present information for an accounting period '''''''''''''''''''''''''''''''''''''''D Sri Lanka Accounting standards are not used '''''''''''''''''''''''''''''''''''''''32' State whether the following tasks can be included under management accountingTask Yes/ NoA Preparing general purpose final financial statements '''''''''''''''''''''''''''''''''''''''B Preparing overhead analysis sheets '''''''''''''''''''''''''''''''''''''''C Providing information of marginal costing '''''''''''''''''''''''''''''''''''''''D Analyzing profitability of a firm by using ratios '''''''''''''''''''''''''''''''''''''''33' State the most suitable accounting concept for followingSituation ConceptA Categorizing liabilities as current and non – current in thestatement of financial position '''''''''''''''''''''''''''''''''''''''B Recognizing payable expenses in the statement offinancial position '''''''''''''''''''''''''''''''''''''''C Recording the most lowest value form the cost and netrealizable value of the closing stock. '''''''''''''''''''''''''''''''''''''''D Considering the purchase a stapler machine as an expensein the income statement '''''''''''''''''''''''''''''''''''''''34' State whether following statements are considered as the components of the general purpose finalfinancial statements.Yes / NoA Statement of Financial position '''''''''''''''''''''''''''''''''''''''B Directors reports '''''''''''''''''''''''''''''''''''''''C Notes in the F.F.S. '''''''''''''''''''''''''''''''''''''''D Bank reconciliation statement '''''''''''''''''''''''''''''''''''''''

Indicate whether the following statement is true or false:Income and expenses are elements that will arise if there has been a change (increase/ decrease) in the entity’s assets, liabilities or equity.Select one:TrueFalse

Wages is an example ofChoose one optionDirect ExpensesIndirect ExpensesCapital ExpensesDeferred Revenue Expenses