Question # 1

What are accrued expenses?

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The expenses that have been incurred during current year and paid till the end of current year

The expenses that have been incurred previous year and paid in the current year

The expenses that have been incurred during current year and not paid till the end of current year

The expenses that have been incurred previous year and not paid till the end of current year

Good received note is prepared by

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Purchase department

Sales department

Receiving department

All of the above

Which one is not a functional classification?

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Manufacturing cost

Marketing cost

Finance cost

Mixed cost

Quick assets are

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Cash in hand

Cash at bank

Debtors

All of the above

What is accumulated depreciation?

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Depreciation expense of the current year

Sum of all depreciations in different accounting year

Depreciations of previous accounting year

None

From the following statements which one is not true about over applied F.o.H

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Less from cost of goods sold at normal

Less from entire production if required

Add in gross profit if required

Less from Net profit.

Goodwill is ----------- for company.

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Intangible asset

Fixed asset

Current asset

Quick asset

Purchase Requisition is sent to

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Accounts department

Purchase department

Finance department

None of above

What are bad debts?

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Debts which are irrecoverable from the debtors

Debts which are recoverable from the debtors

Debts which are irrecoverable from the creditors

Debts which are recoverable from the creditors

The cost flow must match the

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Output

Outflow

Inflow

Workflow

The ------------- includes a control account entitled general ledger that shows is equity of the general office in the factory.

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General ledger

Head office ledger

Factory ledger

None of these

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