Economics MCQs For Lectureship CSS PMS And NTS Part III

Economics MCQs For Lectureship CSS PMS And NTS Part III. Economics MCQs For Lectureship CSS PMS And NTS Part III.

Economics MCQs For Lectureship CSS PMS And NTS Part III

1 What is depreciation?

Process of allocation of costs

2 What does conversion Cost means?

Cost of transforming direct materials into finished product

3 In an integrated costing system, from where most of the data relevant to cost accounting comes?

From financial accounting system

4 Sugar mills uses which method of costing?

Process costing

5 For what Premium on redemption of debentures is accounted?

Personal account

6 After debentures are redeemed, where the balance in the sinking fund account is transferred to?

General reserve

7 To the extent redemption of preference shares takes place out of profits, where an equal amount has to be transferred?

Capital redemption reserve

8 When shares are forfeited, what happens to the share capital account?

Debited by called-up account

9 Where the profit on re-issuing forfeited shares transferred to?

Capital reserve

10 What is the share application account?

Personal account

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