Question # 1

Sales prices is calculated as follow:-

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Cost + operating expense

Direct material + Direct labour + F.o.H

Cost + operating expenses + profit

None of above

Debentures are

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Fixed assets

Fixed liabilities

Capital

Prepaid expenses

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

The cost of holding the stock in storage is called

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Ordering cost

Material cost

Caring cost

All of the above

Lead time is the time between the time on item reaches --------------- and ---------- of

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Order level, dispatch of material

Order level, maximum level

Maximum level, minimum level

Order level, actual receipt

Statement of a affairs is a sort of -----------

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Profit and loss statement

Nominal account

Statement of changes in equity

Balance sheet

Per Unit cost is calculated by dividing the cost of goods sold by

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The number of units sold

The number of units purchase

The number of units manufactured

All of the above

If spoiled good are considered as abnormal part of production process then debited to

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Work in process

General expense

F-o-H control

None of above

Tenor is the period of time ------------ which a bill becomes payable

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Before

After

Both a and b

None

Name the main accounts which are prepared in accounting?

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Assets, liabilities, income and expenses

Assets, liabilities, income and revenue

Assets, owner's equity, income and expenses

Assets, liabilities and expenses

Doubtful debts are shown on:

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Profit side of statement of profit and loss

Liabilities side of balance sheet

Asset side of balance sheet

Not shown anywhere

Spoiled goods cannot be

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Sold without repairing

Repair and sold as damaged goods

Both A and B

None of above

Dishonor of the bill occurs when:

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The drawer refuse to pay

The acceptor refuses to meet the bill on due date

The endorsee accepts to meet the bill

None

What is amortization?

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Decrease in the value of fixed assets

Decrease in the value of intangible assets

Increase in the value of fixed assets

Increase in the value of intangible assets

Variable cost and fixed cost have been treated as product cost in

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Absorption costing

Direct costing

Full costing

All of above

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