Accounts - Principles of Accounts Past QuestionsQuestion 206:In dealing with incomplete records, fixed assets are posted to? A. Opening profit and loss as brought forward figures B. Closing balance sheet as carried forward figures C. Closing balance sheets as brought forward figures D. Closing profit and loss as brought forward figures Question 207:When the factory cost of production has been ascertained, manufactured goods are transferred to trading account by? A. Debting manufacturing account and crediting trading acccount B. Crditing sales account and debtiting trading account C. Debiting sales account and crediting trading account D. Crediting manufacturing account and debiting trading account Question 208:Lawal and co makes blocks and sell to builders. In computing prime cost, which of the following costs would be considered appropriate? A. Cement, sand and carriage outwards B. Water carriage inwards and cement C. Sales boys'wages, cement and sand D. Carriage outwards,carriage inwards and cement Question 209:Manufacturing costs can be classified based on? A. Timing of charges degree of averaging and size of capital B. Degree of averaging, ease of traceability and timing of charges C. Degree of averaging, size of floor space occupied and cost accounts D. Number of employees, timing of charges and management style Question 210:The difference between the factory cost of production and the prime cost of production is? A. Direct materials B. Direct labour C. Selling expenses D. Overhead |
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