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