771. A credit balance remaining in FOH Control account is called:
A. Over-applied overhead
B. Under-applied overhead
C. Actual overhead
D. None of these
772. Direct material cost plus direct labor cost is called:
A. Prime cost
B. Conversion cost
C. Product cost
D. All of these
773. What would be the effect on the cost of a department in case of normal Loss?
A. Decreased
B. Increased
C. No effect
D. Increase to the %age of loss
774. All the given statements regarding job cost sheets are incorrect EXCEPT:
A. Job cost sheet shows only direct materials cost on that specific job
B. Job cost sheet must show the selling costs associated with a specific job
C. Job cost sheet must show the administrative costs associated with a specific job
D. Job cost sheet shows direct materials cost, direct labor cost, and factory overhead costs associated with a specific job
775. A fixed cost:
A. May change in total when such a change is not related to changes in production
B. Will not change in total because it is not related to changes in production
C. Is constant per unit for each unit of change in production
D. May change in total, depending on production within the relevant range
776. Which of the following accounting equations is correct?
A: Cash + Other assets = Capital – Liabilities
B: Capital + Liabilities = Assets + Income
C: Assets – Liabilities = Capital
D: Assets + Capital = Liabilities
777. _ helps businesses to classify transactions according to their nature?
A: General journal
B: Real accounts
C: Ledger accounts
D: Cash accounts
778. Which of the following is a real account?
A: Office equipment
B: Rent expenses
C: Rent income
D: Insurance expense
779. Which of the following accounts are closed at the end of an accounting period?
A: Nominal accounts
B: Balance sheet accounts
C: Real accounts
D: None of them
780. Which of the following is the closing balance of a ledger account?
A: Balance c/d
B: Balance b/d
C: Balance e/d
D: Balance f/c
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