Accounts - Principles of Accounts Questions
Question 196:
The main features of the single system are that?
- A Books of accounts are not maintained and business relies only on bank statement
- B The journal records are absent and only the main ledger is kept 7
- C There are incomplete classifications and recording procedures
- D Only credit sales transactions and credit purchase are recorded
Question 197:
The principal function of a sales ledger control account is to?
- A Serve as internal check and provide quick information for the preparation of interim financial statements
- B Serve as external check and provide quick information for the preparation of interim financial statements
- C Provide quick information for the preparation of customers' statement
- D Provide information for the control of salesmen's activities
Question 198:
In dealing with incomplete records, fixed assets are posted to?
- A Opening profit and loss as brought forward figures
- B Closing balance sheet as carried forward figures
- C Closing balance sheets as brought forward figures
- D Closing profit and loss as brought forward figures
Question 199:
When the factory cost of production has been ascertained, manufactured goods are transferred to trading account by?
- A Debting manufacturing account and crediting trading acccount
- B Crditing sales account and debtiting trading account
- C Debiting sales account and crediting trading account
- D Crediting manufacturing account and debiting trading account
Question 200:
Lawal and co makes blocks and sell to builders.<br/>In computing prime cost, which of the following costs would be considered appropriate?
- A Cement, sand and carriage outwards
- B Water carriage inwards and cement
- C Sales boys'wages, cement and sand
- D Carriage outwards,carriage inwards and cement