Jamb Accounts - Principles of Accounts Questions
Question 761:
The gross loss on manufacturing is always transferred to the?
- A Credit side of balance sheet
- B Debit side of profit and loss account
- C Credit side of profit and loss account
- D Debit side of balance sheet
Question 762:
The depreciation on a motor vehicle that is being used for manufacturing and administration is charged to the?
- A Debit side of manufacturing and profit and loss account
- B Debit side of profit and loss account only
- C Credit side of profit and loss account only
- D Debit side of manufacturing and balance sheet
Question 763:
The prime cost is the total of the?
- A Production cost + selling expenses
- B Direct material + direct labour + direct expenses
- C Direct material + work overhead expenses
- D Administrative expenses + selling + distribution expenses
Question 764:
In the not-for-profit-making organization, the excess of income over expenditure is?
- A Deducted from the capital
- B Added to the accumulated fund
- C Added to the capital
- D Deducted from the the accumulated fund
Question 765:
The equivalent of a club's receipts and payment account is the?
- A Trading account
- B Revenue account
- C Cash account
- D Suspense account