In a manufacturing account, 'Prime Cost' includes: MCQ with Answer and Explanation
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Question #1
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A: The Purchases Book records only credit purchases of goods. R: Cash purchases of goods are recorded in the Cash Book. Choose the correct option.
Correct Answer: Option A
Explanation:
The Purchases Book is strictly for credit purchases of trading goods. Cash purchases are recorded in the Cash Book. R correctly explains why cash purchases are excluded from the Purchases Book.
The Purchases Book is strictly for credit purchases of trading goods. Cash purchases are recorded in the Cash Book. R correctly explains why cash purchases are excluded from the Purchases Book.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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The 'Hedge Accounting' under Ind AS 109:
Correct Answer: Option A
Explanation:
Ind AS 109 provides hedge accounting models.
Ind AS 109 provides hedge accounting models.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The process of transferring entries from the Journal to the respective accounts is called:
Correct Answer: Option A
Explanation:
Posting is the technical term for transferring debit and credit amounts from the journal to the appropriate ledger accounts.
Posting is the technical term for transferring debit and credit amounts from the journal to the appropriate ledger accounts.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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