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Accounts - Principles of Accounts Past Questions

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931

The basic assumption which underline the preparation of periodic financial statement is known as accounting

  • A. bases
  • B. techniques
  • C. concepts
  • D. method
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932

Upon the dissolution of partnership business, the party to be settled first out of the proceeds realized is

  • A. unsecured creditors
  • B. partner's loan and advances
  • C. secured creditors
  • D. partners' capital
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933

Which of the following is not part of prime cost of production?

  • A. depreciation of factory equipment
  • B. direct expenses
  • C. direct wages
  • D. carriage on raw materials
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934
At the end of trading period, cost of goods sold is debited to the trading account while cost of services is debited to the
  • A. balance sheet
  • B. manufacturing account
  • C. tradding account
  • D. profiy and loss account
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935

Stock account is a type of

  • A. nominal account
  • B. personal account
  • C. real account
  • D. fixed assets account
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