Financial accounting short questions and answers. 40 Short Questions and Answers 2022-10-30
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The pharmaceutical product life cycle refers to the stages that a pharmaceutical product goes through from its development to its withdrawal from the market. This process is crucial for the pharmaceutical industry as it helps companies to plan for the development, production, and marketing of their products.
The first stage of the pharmaceutical product life cycle is the research and development (R&D) phase. This stage involves the identification of a potential drug target, the design and synthesis of a compound that can bind to the target, and the testing of the compound in the laboratory to determine its effectiveness and safety. This phase can take several years and is typically the most expensive and time-consuming part of the product life cycle.
The next stage is the clinical development phase, which involves conducting clinical trials to determine the safety and efficacy of the drug in humans. Clinical trials are conducted in three phases: Phase 1 trials involve a small number of healthy volunteers and are designed to determine the drug's safety profile and dosage range. Phase 2 trials involve a larger group of patients and are designed to evaluate the drug's effectiveness and determine optimal dosage. Phase 3 trials involve an even larger group of patients and are designed to confirm the drug's effectiveness, monitor side effects, and compare the drug to existing treatments.
If the clinical trials are successful, the drug can then be submitted for regulatory approval to the relevant authorities, such as the US Food and Drug Administration (FDA) or the European Medicines Agency (EMA). This process can take several years and requires the submission of extensive data on the drug's safety, efficacy, and manufacturing process.
If the drug is approved, it moves into the commercialization phase, where it is manufactured and marketed to healthcare providers and consumers. This phase can last for several years, depending on the drug's patent protection and market demand.
Eventually, the drug will reach the end of its patent protection and face competition from generic versions. This can lead to a decline in sales and a decrease in the drug's profitability. In some cases, the drug may be withdrawn from the market due to safety concerns or a lack of demand.
In summary, the pharmaceutical product life cycle is a complex and multi-faceted process that involves several stages, from research and development to clinical trials and regulatory approval, before a drug can be commercialized and made available to patients. Understanding the product life cycle is essential for pharmaceutical companies as they plan for the development and marketing of their products.
Top 20 Questions and Answers
Question-31: The basis for the collection of income tax, value-added tax, and excise duty is— Answer: Maintain accurate accounting Question-32: What is bookkeeping? Answer: Liability refers to the financial responsibility of a business. Answer: There are two types of income statements. Answer: Cut the stains on the walls of the cave, and knots on the rope. Question-23: According to which principle of accounting is the closing stock valued? Question-05: What does accounting encourage people to do? Question 24: What is the statement of financial position? Question-26: How many methods are there for presenting assets and liabilities in financial statements and what are they? Question-14: How to calculate gross profit in the comprehensive Income Statement? Question-23: What are the requirements of accounting for internal users? This method displays the most permanent assets and liabilities first, followed by the current assets and liabilities. The proportion of net profit over capital employed, etc. Question 02: What are the five statements that a financial statement contains? Question 28: What is the benefit of the Statement of Financial Position? Question-7: Which step of the modern calculation cycle is used to verify the mathematical accuracy of the calculation? It will definitely help you do well in any form of competitive exams, such as school or college viva tests, career written exams or interviews, etc. Answer: A statement of comprehensive income is prepared mainly in three stages.
Question 15: How to prepare a statement of comprehensive income? Question 19: What is the name of the book in which the transactions are initially recorded with a brief explanation of the debit and credit analysis? Answer: Adjusting entry is made for an accounting of arrears and advance income and expenditure Question-10: What is Worksheet? Answer: The statement of comprehensive income was previously known as the income statement. For example, we can know the proportion of claims over assets; are current assets sufficient to meet current liabilities? Question-22: What are the basic requirements for analyzing financial statements? Question-21: What is the non-operating expense? Answer: With the help of secured accounting books, financial statements, and credentials. Questions and Answers- Accounting Equation Question-01: What is the Answer: Every transaction has two sides. Question-37: How many users of accounting information are there? Answer: Asset means the economic resources of a company investing for profit—for example, Land, furniture, buildings, vehicles, machinery, etc. Answer: Revenue Income, Revenue Expense, and Drawings account.
45 Important Financial Statement Questions and Answers [With PDF]
Answer: The format of the statement of comprehensive income is as follows: Question 17: What is an example of operating income? Question-6: Which is the first step of the modern accounting cycle? Answer: The main objective of accounting is to keep accounting records and determine the financial results of the organization. Question-2: What is the main purpose of the accounting cycle? Answer: Accounting has improved considerably by improving trade and commerce and by advancing science and technology. Answer: There are two types of accounting information users. Answer: There are ten 10 steps in the accounting cycle. One side is the giver, and the other side is the receiver, which is for the same amount of money. Question 40: What are the long-term liabilities? Answer: Computed or Mechanical Accounting. Question-13: Which is the last and optional step of the modern accounting cycle? If you want to do well in accounting, practice these 25 short questions and their answers on a regular basis.
Question 27: What is the purpose of preparing a statement of financial position? Question-35: What is the purpose of bookkeeping in an organization? Answer: A retained income statement is a statement that a joint venture company prepares to determine the retained earnings at the end of the year by distributing its earned income among its stakeholders. Question-21: On what basis is the transaction validated and the existence of the property verified? Answer: When transactions are recorded chronologically as debit and credit. Answer: Fixed assets include land and buildings, plant and machinery, furniture, and other items that are used in the business for a long time and are not intended to be sold again. Answer: Accounting is both art and science. Question-22: What value of the closing stock is included in the income statement? Answer: Summa de Arithmetica, Geometria, Proportioniet Proportionalite.
Question-11: How many types of income statements are there and what are they? Question-12: What is a one-step Income statement? This allows for a joint assessment of assets and liabilities. Answer: The main function of bookkeeping is to record transactions in the book of accounts. Question-04: What are the features of the financial statement? Answer: The statement in which revenue income and expenditures are recorded is referred to as the income statement or the comprehensive Income statement. Question-9: Which entry is made for an accounting of arrears and advance income and expenditure? Question-18: When does the journey of modern accounting begin? Answer: A financial statement is a structured, disciplined, and continuous process of knowing the financial results and the state of affairs of an organization. Question-07: What are the branches or types of accounting? Answer: Adjusted Trial Balance. Answer: In the past, the scope of accounting is limited only to business.
Question-13: What is a multi-step income statement? Every business organization prepares a financial statement to determine the financial position at the end of the specified period. Answer: Opening Journal is the last and optional step of the modern accounting cycle. Question-23: Where are the nominal accounts transferred and the balance closed? Answer: To know the financial position of a business at the end of the year, the Statement of Financial Position is prepared with all assets and liabilities. Question 14: What is a multiple-step comprehensive income statement? Answer: Balance sheet or financial statements. Answer: Luca de Pacioli was an Italian priest, philosopher, and mathematician.
Question-28: How did people of primitive age keep an account of themselves? Answer: Keeping track of business transactions properly. Answer: A multiple-step comprehensive income statement is an income statement that calculates the net profit or loss of an organization by separating the various types of income and expenses into different stages. Question-20: What makes an organization trustworthy to a third party and plays the most important role in creating accountability? Question-18: When will the account be completed? Question 12: What are the two types of comprehensive income statement preparation? Based on this information, one party is Questions-02: What is the Answer: The basis for the Question-03: What is the effect of a transaction with a business? Question-10: What kind of science is accounting? Question-08: What does Accounting create? Question 30: What are the two methods for arranging balances in the statement of financial position? Answer: The format of the changes in the equity statement is as follows: Question 44: What is a retained earnings statement? Capital and liabilities are shown in the second stage. Question-28: What is the Cash Flow statement? Question 37: What are the current assets? Questions-39: Who are the external users of accounting information? Answer: Five 5 Types of financial statements are prepared as per IAS. Question-34: What is the part of accounting that only records economic events?. Question-09: What subjects are related to accounting? As a result, current assets appear first in the statement of financial position, followed by fixed assets. Question-12: When does the journey of accounting begin? Question-02: How many types of financial statements are prepared as per IAS? Answer: Financial statements help the users make economic decisions by providing accounting information on financial results, the state of affairs, cash flow, etc.
Question 41: What is the format of the statement of financial position? Answer: The expenses incurred outside the operation and administration of the business are called non-operating expenses. Answer: The first step of the modern accounting cycle is identifying transactions. Question-19: What is the non-operating Income? Answer: Accounting is called the language of business. Question-3: How many steps are there in the accounting cycle? Prepare the Statement of Comprehensive Income of ABC advertising firm from the information given below for the year ending March 31st, 2022. Answer: The income that is normally earned by running a business is called operating income. Question-29: What are the notes in the financial statements? Answer: Whichever is lower between the purchase price and the market price. Question-06: What was the scope of accounting in the past? Question-14: Who was Luca de Pacioli? Answer: An income statement in which the net profit or loss is determined by subtracting the sum of expenses from the sum of all incomes in one step is called a one-step income statement.
Question-15: What is the name of the famous book written by Luca de Pacioli? Question 08: What is the statement of comprehensive income? Question-20: What is the operating expense? That is, fixed assets are shown first, followed by current assets. Answer: The summarization phase in the accounting cycle is the preparation of the trial balance. For theory please read this article Short Questions and Answers- Accounting Cycle Question-1: What is the accounting cycle? Answer: A single-step income statement is an income statement that calculates net profit or loss in one step by subtracting the total of all expenses from the total of all income for a given accounting period. Question 23: What is the provision for doubtful debt? Question 32: What is the permanence preference method for arranging balances in the statement of financial position? Question 06: Who are the users of financial statements? Question-02: What is called Accounting? Question 11: What are the objectives of the statement of comprehensive income? Answer: The fifth step Preparing Trial Balance is used to verify the mathematical accuracy of the calculation. Question-09: What is a liability? In the same way, long-term liabilities are also displayed first, followed by current liabilities. It will also increase your accounting knowledge and help you to perform well in any competitive examination. Question-03: What are the five types of financial statements? In the same way, current liabilities are shown first, followed by long-term liabilities.