Accounts - Principles of Accounts Questions
Question 176:
Which of the following entries is effected by a department when goods are charged to it at selling prices?
- A Stock account is debited
- B Purchases account is debited
- C Stock account is credited
- D Mark-up account is debited
Question 177:
The difference between the closure of the books of a branch and those of a separate company is that?
- A There is retained earnings account on the branch books
- B The revenue and expenses account is closed to branch current account
- C There is no retained earnings account on the branch
- D The revenue and expenses account is not closed to the home office current account
Question 178:
The term fiscal compliance means?
- A Al financial and related laws and regulations are adhered to
- B Only the budget fir the current period is complied with and no deficits allowed
- C All physical assets requirements have been met
- D Fiscal planning is necessary for proper accountabilit in the public sector
Question 179:
In a public corporation, the capital expenditure incurred in a financial period is?
- A Spread over the useful life of the assets through depreciation
- B Apportioned at a pre-determined rate stipulated by law
- C Written off in the year in which they occur
- D Merged with recurrent expenditure and reported in one required lump sum
Question 180:
Money not required to meet chargeable expenditure in any fiscal year under cash accounting, should be?
- A Surrendered to the consolidated revenue fund
- B Carried forward to the next financial year
- C Reserved to meetany deficits or contingencies
- D Returned to the taxpayer