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