Audit of a bank is generally conducted through
(a) Routine checking
(b) Vouching
(c) Balance sheet audit
(d) None of these
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Accounting
A segment of the business that generates both revenue and cost is called
(a) Profit Center
(b) Cost Center
(c) Cost driver
(d) All of these
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Productivity means
(a) The ability to produce
(b) All units produced
(c) Good units produced
(d) None of these
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Direct material cost plus direct labour cost is called
(a) Prime cost
(b) Conversion cost
(c) Product cost
(d) All of these
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A credit balance remaining in FOH Control account is called:
(a) Over-applied overhead
(b) Under-applied overhead
(c) Actual overhead
(d) None of these
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The time lag between indenting and receiving material is called
(a) Lead time
(b) Idle time
(c) Stock out time
(d) None of these
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If under applied FOH is closed to cost of goods sold, the journal entry is
(a) DR Cost of goods sold …….. CR FOH control
(b) DR FOH control ……..……….. CR Cost of goods sold
(c) DR FOH control ……..……….. CR Profit % loss account
(d) None of these
If under applied FOH is closed to cost of goods sold, the journal entry is Read More »
Expenses such as rent and depreciation of a building are shared by several departments these are
(a) Indirect expenses
(b) Direct expenses
(c) Joint expenses
(d) All of the above
(e) None of these
Operating cost in often named as
(a) Manufacturing cost plus commercial expenses
(b) Prime cost plus factory overheads
(c) Direct material plus direct labour
(d) Selling plus administrative expenses
(e) None of these
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Completion of a job is result in
(a) DR finished goods …….. CR WIP
(b) DR Cost of goods ……… CR finished goods
(c) DR WIP ……………..….….. CR FOH control
(d) DR FOH control …….….. CR FOH applied
(e) None of these
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