Accounts - Principles of Accounts Questions
Question 241:
An expenses account is closed by a debit to?
- A An asset account and a credit to the expenses account
- B The expenses account and a credit to an asset account
- C Profit and loss account and a creit to the expenses account
- D The expenses account and a credit to profit and loss account
Question 242:
In a manufacturing company, the total cost of goods produced is equivalent to?
- A Purchases
- B Sales
- C Cost of goods sold
- D Cost of materials used
Question 243:
Given:<br/>Sales Ledger Control Account (Extracts)<br/>Balance b/f N10,600<br/>Total cash payments by debtors N32,275<br/>Total credit sales N59,193<br/>Discount received N9,700<br/>Balance c/f N20,751<br/>Discount allowed N2,890<br/>Determine the sales returns?
- A N24,577
- B N13,877
- C N7,067
- D N2,890
Question 244:
The simplest form of single entry procedure consists fo keeping a?
- A Day book or general journal
- B Cash book and ledger accounts showing debtors and creditors balances
- C Cash journal, sales journal and purchases journal
- D Day book in which transactions are described in chronological order
Question 245:
A fixed cost is fixed only in relation to?
- A The quality of goods produced
- B The quantity of goods sold
- C A given period of time and a range of activities
- D A given period of time and the nature of activity