Another name for control accounts is
Total account
Purchases ledger
Creditors' account
Debtors' account
Correct answer is A
Control account is also known as self balancing ledger of total control account.
The authority to transfer fund from one head to another within the same organization is called
Fund
Wallet
Vote
Virement
Correct answer is D
Virement warrants is used to transfer fund from one vote head to another. It is used to create a new vote head but to transfer fund within the same economic head.
Which of the following is not charged to manufacturing account?
Raw materials
Factory wages
Direct expenses
Distribution expenses
Correct answer is D
Distribution expenses covers the cost of warehousing, transport, material handling and control of finished goods from the moment. It is not charged to manufacturing account.
The part of capital issued only at the time of liquidation of the company is
Issued capital
Called-up capital
Paid-up capital
Reserved capital
Correct answer is D
A company may reserve a portion of its uncalled capital to be called only in the event of winding up of the company. Such uncalled amount is called 'Reserve Capital' of the company. It is available only for the creditors on winding up of the company.
The journal has the following headings except
Date
Debit
Discount
Credit
Correct answer is C
The journal has debit, credit, date, particulars and folio. It is use to show narration in which the entries are posted to the ledgers.