Short term Loan can be best described as?

(20) Short term Loan can be best described as?

1.  If the period is three years
2.  If the period is less than one year
3.  If the period is over one year
4.  None of these

Economics resources of a business that are expected to be of benefit in the future are referred to as?

(19) Economics resources of a business that are expected to be of benefit in the future are referred to as?

1.  Liabilities
2.  Owner’s equity
3.  Withdrawals
4.  Assets
5.  None of these

Audit of a bank is generally conducted through?

(18) Audit of a bank is generally conducted through?

1.  Routine checking
2.  Vouching
3.  Balance sheet audit
4.  None of these

Verification includes?

(17) Verification includes?

1.  Checking vouchers
2.  Examining audit report
3.  None of these
4.  all of above

A segment of the business that generates both revenue and cost is called?

(16) A segment of the business that generates both revenue and cost is called?

1.  Profit Center
2.  Cost Center
3.  Cost driver
4.  All of these
5.  None of these

Productivity means?

(15) Productivity means?

•  The ability to produce
•  All units produced
•  Good units produced
•  None of these

Direct material cost plus direct labour cost is called?

(14) Direct material cost plus direct labour cost is called?

•  Prime cost
•  Conversion cost
•  Product cost
•  All of these
•  None of these

A credit balance remaining in FOH Control account is called?

(13) A credit balance remaining in FOH Control account is called?

•  Over-applied overhead
•  Under-applied overhead
•  Actual overhead
•  None of these

The time lag between indenting and receiving material is called?

(12) The time lag between indenting and receiving material is called?

•  Lead time
•  Idle time
•  Stock out time
•  None of these

accounting general knowledge

(11) Re-order quantity …… 3600 units
Maximum consumption ...… 900 units per week
Minimum comsumption …....300 units per week
Re-order period …………….….5 weeks
Based on this data Re-order level is?

•  (4500 units)
•  3900 units
•  1200 units
•  400 units
•  None of these

If under applied FOH is closed to cost of goods sold, the journal entry is?

If under applied FOH is closed to cost of goods sold, the journal entry is?

1.  DR Cost of goods sold …….. CR FOH control
2.  DR FOH control ……..……….. CR Cost of goods sold
3.  DR FOH control ……..……….. CR Profit % loss account
4.  None of these

accounts past paper questions

Expenses such as rent and depreciation of a building are shared by several departments these are?

1.  Indirect expenses
2.  Direct expenses
3.  Joint expenses
4.  All of the above
5.  None of these