accounting yr 10

The control account can be  used in ___. 

• keeping records of all direct deposits in the bank account

• monitoring the books of original entry

• tracking employee attendance

• monitoring the efficiency of bookkeeping by accountants.

The costs that are directly  traceable to the goods being  produced is

• total factory expenses

• D. prime cost.
• partly finished cost

• C. labor cost

The production cost that does  not form part of the product but is  incidental to production and  facilitates the production activities  is the 

• Indirect cost

• Prime cost

• Total cost

• D. Direct cost

Work-in-progress is the ___. 

. 

• B. value of finished goods on hand
• A. value of partly finished goods
• D. value of goods produced.
• C. sales less cost of goods sold

Ibrahim, a micro-business  operator, sold 10 bags of sugar toJide at total cost of ₦12,000. 

In the book of Ibrahim, the  entry to record the transaction  would be to debit 

• sugar account of 12,000 and credit Jide 12,000

• Jide 12,000 and credit sales account 12,000

• Ibrahim 12,000 and credit Jide 12,000

• sugar account 12,000 and credit Ibrahim 12,000

Ibrahim, a micro-business  operator, sold 10 bags of sugar to Jide at total cost of ₦12,000. The record in Jide's book would  be to debit 

• B. purchases ₦12,000 and credit sugar account ₦12,000
• A. purchases ₦12,000 and credit Ibrahim ₦12,000
• C. Jide ₦12,000 and credit purchases ₦12,000
• D. Ibrahim ₦12,000 and sugar

Cashbook balance ₦5000  Dishonoured cheque ₦1000  Direct credit ₦ 800  Direct debit ₦ 500 

The adjusted cash book balance is 

• B. ₦4,500
• A. ₦6,300
• C. ₦5,200
• D. ₦3,900

In sales ledger control  account, returns inwards is  usually 

• A. debited and debtors credited
• B. credited and sales returns debited
• C. debited and cash credited
• D. credited and bank credited

Purchasers ledger control  account can also be referred to as 

• creditors ledger

• debtors ledger

• sales day book

• purchase day book

Which of the following is a  debit item in the sales ledger  control account? 

• Bad debts recovered

• Discount allowed

• Cash sales

• Dishonoured cheques