To record the transfer of stock from one department to another, the correct entry would be to debit?
Goods outwards and credit goods inwards
Merchandise account and credit department stock account
Department transfering and credit department receiving
Department receiving and credit department transfering
Correct answer is D
No explanation has been provided for this answer.
The best method of allocating expenses among departments is to
Allocate expenses to each department in proportion to the sales of that department
Charge against each department those costs which are within its control
Charge expenses against each department in proportion to the purchases of that department
Allocate expenses to each section of the department in relation to the number of people
Correct answer is B
No explanation has been provided for this answer.
Shares issued to a vendor in payment of business purchased would require a debit to
Cash account and credit to share capital account
Share capital account and credit to vendor's account
Vendor's account and credit to share capital account
Share capital account and credit to cash account
Correct answer is C
No explanation has been provided for this answer.
Calls in advance are treated in the balance sheet as
Current asset
Current liability
Fixed assets
Fixed liability
Correct answer is B
No explanation has been provided for this answer.
Preliminary expenses, credit cash accounts
Promoter, credit creditors' accounts
Lawyer's credit cash accounts
Cash, credit incorporation accounts
Correct answer is A
No explanation has been provided for this answer.