651. Sales on credit are recorded in which of the following journals?
A: Purchase journal
B: Sales journal
C: Purchases return journal
D: Sales return journal
652. Transactions that a BUSINESS doesn’t record in any specialized journal are recorded in which of the following journals or day books?
A: Cash payments journal
B: Cash receipts journal
C: Purchases return journal
D: General journal
653. Another name for a journal is_____________?
A: Day book
B: Specialized journal
C: Cash book
D: Record book
654. Which of the following specialized journals will record “goods returned by the BUSINESS”?
A: Purchase journal
B: Sales journal
C: Purchases return journal
D: Sales return journal
655. Bad debt is an example of:
A. Production overhead
B. Selling overhead
C. Administration overhead
D. Distribution overhead
656. Number of workers employed is used as a basis for the apportionment of:
A. Time office costs
B. Canteen expenses
C. Personnel department expenses
D. Any of these
657. When the factory overhead control account has a closing debit balance, factory overhead was:
A. Over-absorbed
B. Fixed
C. Under-absorbed
D. Variable
658. Factory overhead should be absorbed on the basis of:
A. Relationship to cost incurred
B. Direct labor cost
C. Direct labor hours
D. Machine hours
659. In which of the following methods of providing depreciation, the amount of depreciation goes on decreasing with the age of the asset?
A. Reducing balance method
B. Sum of digits method
C. Annuity method
D. A and B
660. Which of the following is a scientific and accurate method of absorption of factory overheads:
A. Percentage on prime cost
B. Machine hour rate
C. Percentage on direct labor cost
D. All of these
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