Post Utme Accounts - Principles of Accounts Questions
Question 66:
The manufacturing account is prepared to determine the cost of ____
- A Trading
- B Production
- C Factory overhead
- D Raw materials used
Question 67:
Subscription in arrears are ___
- A Credited to the income and expenditure account and shown as a liability in the balance sheet
- B Debited to the income and expenditure account and shown as an asset in the balance sheet
- C Credited to the income and expenditure account and shown as an asset in the balance sheet
- D Debited to the income and expenditure account and shown as a liability in the balance sheet.
Question 68:
Where a non-profit organization prepares the accounts using accruals basis of reporting, the statement showing how well the organization is doing is the _________
- A Appropriation account
- B Balance sheet
- C Income and expenditure account.
- D Receipt and payment account.
Question 69:
Departmental accounts are maintained to ascertain the ____
- A Profits of the entire organization
- B Contribution of each department
- C Expenses of each department
- D Sales of each department.
Question 70:
The gross profit disclosed in the branch stock adjustment account represents ____
- A Head office profit
- B Unrealized profit
- C Estimated profit
- D Branch profit