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Accounts - Principles of Accounts Past Questions and Answers

Accounts - Principles of Accounts Questions

Question 1666:
In Manufacturing Account, prime cost plus factory overhead is known as
  • A Conversion cost
  • B Cost of raw materials consumed
  • C Total cost
  • D Production cost
  • E Cost of work in progress
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Question 1667:
Which of the following is an advantage of the impurest system?
  • A Making hig profits in the business
  • B Rewarding the imprest holder
  • C Easy prearation of the final accounts
  • D Meeting small items of expenditure
  • E Enabling the Trial Balance to agree
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Question 1668:
Where a business is purchased, the full amount of the purchase consideration is credited to
  • A Purchase of Business Account
  • B Creditor's Account
  • C Vendor's Account
  • D Purchaser's Account
  • E Debtor's Account
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Question 1669:
A financial plan of action expressed in monetary terms is known as
  • A Imprest
  • B Consolidated fund
  • C Warrant
  • D Budget
  • E Development fund
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Question 1670:
Which of the following is not a source document for recording sales?
  • A Debit note
  • B Credit note
  • C Receipt
  • D Sales journal
  • E Invoice
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