741. A cost center is:
A. A unit of production in relation to which costs are ascertained
B. A location responsible for controlling direct costs
C. Any location or department that incurs cost
D. None of these
742. A quantitative expression of management objectives is an:
A. Organizational chart
B. Management chart
C. Budget
D. None of these
743. The measurable value of an alternative use of resources is referred to as:
A. An opportunity cost
B. An imputed cost
C. A sunk cost
D. None of these
744. Accounting entry of the closing balance can be recorded for:
A. Income a/c and Expenses a/c
B. Liability a/c and Owner‘s equity a/c
C. Asset a/c and Liability a/c
D. Liability a/c and Expenses a/c
745. Which of the given is CORRECT for the accounting entry of the closing balance of Work In Process (WIP)?
D. There is no accounting entry for the closing balance of WIP
A. WIP a/c Dr and Inventory a/c Cr
B. Inventory a/c Dr and WIP a/c Cr
C. WIP a/c Dr and payroll a/c Cr
746. Closing balance of Work In Process (WIP) is part of:
A. Assets a/c
B. Expenses a/c
C. Liability a/c
D. Owner‘s equity a/c
747. Which of the given statements is CORRECT for Indirect Labor?
A. It is charged to the factory overhead account
B. It is charged to work in process
C. It is the entire production
D. It is charged to administrative expenses
748. Office equipment’s account is classified as _ account?
A. Nominal
B. Real
C. Cash
D. Capital
749. Which of the following is known as the base for preparing the trial balance?
A. Journal
B. Cash account
C. Ledger account
D. Balance sheet
750. If the debit balance is greater than the credit balance, then the account balance will be__________?
D. Debit balance
A. Credit balance
B. Debit and credit balance
C. Cash balance
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