ACCOUNTING MCQs



Which of the following product costs is both a prime cost and conversion cost?

  1. Direct labor
  2. Manufacturing overhead
  3. Indirect material
  4. All of the above

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Net sales = Sales less?

  1. Sales returns
  2. Sales discounts
  3. Sales returns & allowances
  4. Sales returns & allowances and sales discounts

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The number whose 3% is 60, is

  1. 2000
  2. 3000
  3. 6000
  4. None of these

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Transferring entries from journal to ledger account is commonly known as____________?

  1. Recording
  2. Transferring
  3. Posting
  4. Entry making

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Transactions that a BUSINESS doesn’t record in any specialised journal are recorded in which of the following journals or day books?

  1. Cash payments journal
  2. Cash receipts journal
  3. Purchases return journal
  4. General journal

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