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- Name – Quiz 38 – Sundry Expenses – (Answers)
- Topic – Sundry Expenses
- Answers with Explanation
Q1. Size, Industry Practice & Nature of Expenses play an important role to determine if it should be called sundry expenses.
Ans. The given statement is True. Size, industry practice & nature of an expense plays an important role to determine whether it should be included in sundries or be given a separate ledger account.
Q2. Sundry expenses are shown on _____.
Ans. Sundry expenses are shown on the expense side of a profit & loss account (Income statement).
Q3. Festival celebrations can be an example of sundry expenses.
Ans. The given statement is True. Money spent on festival celebrations can be an example of sundry expenses.
Q4. Bank service charges may be an example of sundry expenses.
Ans. The given statement is True. Yes, bank service charges may be put under this head of sundry expenses.
Q5. _____ cannot be recorded under Sundry Expenses.
Ans. There are no hard and fast rules for categorizing expenses as sundries but they should definitely not include any regular payments or capital expenses.
Q6. Sundry expenses may be department specific such as ‘Sundry Office Expenses’.
Ans. The given statement is True. They can be related to a particular department or area within the business such as sundry office expenses, sundry retail expenses, etc.
Q7. Sundry expenses cannot be categorized under a specific _____ account.
Ans. Such expenses are hard to be classified under a specific ledger account.
Q8. Sundry expenses are usually _____.
Ans. Sundry expenses are usually infrequent, few, and miscellaneous in nature, and many. They are not classified under a specific ledger account.
Q9. Sundry expenses are costs incurred for _____ which cannot be categorized under a specific heading.
Ans. Sundry expenses are costs incurred for small things which can not be categorized under a specific heading in the books of accounts.
Q10. Sundry expenses are also called _____ expenses.
Ans. Such expenses are also known as miscellaneous expenses.
Q11. Sundry means _____.
Ans. Sundry means ‘of various kinds; several‘.