The process of transferring entries from journal to ledger is called: MCQ with Answer and Explanation
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Question #1
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A costing technique where only variable costs are charged to products, and fixed costs are written off to the P&L account in the period incurred, is:
Correct Answer: Option C
Explanation:
Marginal costing strictly separates fixed and variable costs, treating fixed costs as period costs rather than product costs.
Marginal costing strictly separates fixed and variable costs, treating fixed costs as period costs rather than product costs.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #2
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In a journal entry, if an asset is destroyed by fire and fully insured, which account is debited?
Correct Answer: Option C
Explanation:
Because the loss is fully insured, the insurance company becomes a debtor for the claim amount, hence debited.
Because the loss is fully insured, the insurance company becomes a debtor for the claim amount, hence debited.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
Question #3
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The 'Minor' in a partnership can be admitted:
Correct Answer: Option D
Explanation:
A minor cannot be a partner but can be admitted to benefits of the firm, with limited liability.
A minor cannot be a partner but can be admitted to benefits of the firm, with limited liability.
This question belongs to:
Accountancy and Statistics
Accountancy and Book Keeping
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