Question on basic concepts of financial accounting, Cost Accounting, economics business acumen organisation structure etc

 Here are *100 Q&A* covering the topics you listed – based on *US CMA Part 1 Section A + ACCA MA/FMA*. Short, exam-focused, no fluff.

Mocktest.Basic concept of financial accounting,cost accounting, economics, accounting information system etc

*A. Basic Financial Accounting Concepts - Q1 to Q15*

1. *Q*: What is the accounting equation? *A*: 

2. *Q*: What is accrual basis vs cash basis? *A*: 

3. *Q*: What is matching principle? *A*

4. *Q*: What is conservatism principle? *A*

5. *Q*: What are 4 financial statements? *A*: 

6. *Q*: Debit vs Credit rule for assets..A..

7. *Q*: What is contra account? *A*: 

8. *Q*: What is revenue recognition 5-step model? *A*: 

9. *Q*: What is materiality concept? *A*: 

10. *Q*: What is going concern assumption? *A*:

11. *Q*: What is consistency principle? *A*: 

12. *Q*: What is entity concept? *A*: 

13. *Q*: What is historical cost principle? *A*: 

14. *Q*: What is trial balance purpose? *A*

15. *Q*: What is adjusting entry for prepaid rent? *A*: 

*B. Basic Cost Concepts - Q16 to Q30*

16. *Q*: Direct vs Indirect cost? *A*: 

17. *Q*: Variable vs Fixed cost behavior? *A*:

18. *Q*: What is semi-variable cost? A .

19. *Q*: Prime cost formula? *A*: 

20. *Q*: Conversion cost formula..A ....

21. *Q*: Product vs Period cost? *A...

22. *Q*: What is sunk cost? *A*: 

23. *Q*: Engineered vs Discretionary cost? *A*:

24. *Q*: What is step cost? *A*: 

25. *Q*: What is relevant range? *A .

26. *Q*: What is opportunity cost? *A*:

27. *Q*: Inventoriable cost? *A*: 

28. *Q*: COGS formula? *A*:

29. *Q*: COGM formula? *A*:

30. *Q*: What is cost object? *A*:

*C. Basic Business Acumen - Q31 to Q40*

31. *Q*: What are 4 Ps of marketing? *A*: 

32. *Q*: What is SWOT? *A*: 

33. *Q*: What is value chain? *A*: 

34. *Q*: What is competitive advantage? *A*: 

35. *Q*: What is economies of scale? *A

36. *Q*: What are diseconomies of scale? *A*:

37. *Q*: What is break-even point? *A*

38. *Q*: BEP in units formula? *A*:

39. *Q*: What is margin of safety? *A*: 

40. *Q*: What is operating leverage? *A..

*D. Accounting Information System - Q41 to Q50*

41. *Q*: 3 components of AIS? *A*:

42. *Q*: What is audit trail? *A*: 

43. *Q*: Input control example? *A*

44. *Q*: Processing control example? *A*: .

45. *Q*: Output control example? *A*: 

46. *Q*: What is ERP? *A*: 

47. *Q*: Source document in purchase cycle? *A*

48. *Q*: What is segregation of duties in AIS? *A*: 

49. *Q*: Cloud vs On-premise AIS risk? *A*: 

50. *Q*: What is master file? *A*: 

*E. Basic Economics - Q51 to Q60*

51. *Q*: Law of demand? *A*:

52. *Q*: Law of supply? *A*

53. *Q*: What is elasticity? *A*:

54. *Q*: What are factors of production? *A*: 

55. *Q*: Short run vs Long run? *A*:

56. *Q*: What is diminishing marginal returns? *A*: 

57. *Q*: GDP vs GNP? *A*: .

58. *Q*: Inflation effect on accounting? *A*: 

59. *Q*: What is opportunity cost in economics? *A*: 

60. *Q*: Perfect competition feature? *A*:

*F. Corporate Governance - Q61 to Q70*

61. *Q*: 3 main parties in governance? *A*: 

62. *Q*: Role of Audit Committee? *A*: 

63. *Q*: What is agency problem? *A*: 

64. *Q*: Board independence importance? *A*: 

65. *Q*: What is tone at top? *A*:

66. *Q*: What is whistleblower policy? *A

67. *Q*: CEO/Chair duality risk? *A*: 

68. *Q*: Sarbanes-Oxley Section 404? *A*: 

69. *Q*: Stakeholder theory vs Shareholder theory? *A*: 

70. *Q*: What is fiduciary duty of directors? *A*:

*G. Basic Data Analytics - Q71 to Q80*

71. *Q*: 4 types of data analytics? *A*:

72. *Q*: Descriptive analytics example? *A*: 

73. *Q*: Predictive analytics example? *A

74. *Q*: What is data mining? *A*:

75. *Q*: Big Data 3 Vs? *A*: 

76. *Q*: Benford’s Law use in audit? *A*: Detect fraud by checking digit frequency in data.

77. *Q*: What is visualization in analytics? *A*: 

78. *Q*: Structured vs Unstructured data? *A*: 

79. *Q*: What is KPI? *A*:

80. *Q*: Data analytics benefit for MA? *A*: 

*H. Stakeholders + Production + Costing Methods - Q81 to Q100*

81. *Q*: Who are internal stakeholders? *A*: 

82. *Q*: Who are external stakeholders? *A*

83. *Q*: Customer interest from company? *A*: 

84. *Q*: Govt interest from company? *A*:

85. *Q*: Creditor interest? *A*:

86. *Q*: High-Low method purpose? *A*: 

87. *Q*: High-Low VC rate formula? *A*:

88. *Q*: What is overcosting? *A*: 

89. *Q*: What is undercosting? *A*: .

90. *Q*: Overapplied overhead meaning? *A*:

91. *Q*: Underapplied overhead meaning? *A*: 

92. *Q*: How to dispose underapplied OH? *A*:

93. *Q*: Diseconomies of scale cause? *A*:

94. *Q*: Short run production decision? *A*:

95. *Q*: Long run production decision? *A*: 

96. *Q*: What is joint cost? *A*: 

97. *Q*: Joint cost allocation method? *A*:

98. *Q*: What is cost tracing? *A*: 

99. *Q*: What is cost allocation? *A*:

100. *Q*: What is reapportionment? *A*: 

*Exam Tip*: For CMA + ACCA MA, focus on definitions + formulas + “why it matters”. They test application, not theory essays.

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