In departmental accounting, which is not a transfer pricing_________
Cost based transfer price
Market based transfer pricing
Dual pricing system
Peak pricing
Correct answer is D
No explanation has been provided for this answer.
Price above or below the stipulated price
Any price but not below the transfer price
Cost price
A price that is equal to the mark up
Correct answer is A
Cost plus mark up is a pricing strategy in which the selling price is determined by adding a specific amount mark up to a product unit cost
Bonus
Goodwill
Premium
Commission
Correct answer is B
Goodwill is the excess of the purchase consideration over the total value of an entity
Partners salaries
Interest on capital
Interest on loans
Partners drawings
Correct answer is C
Is charged in the profit and loss account as finance expenses
Debit entry
Contra entry
Credit entry
Reversal entry
Correct answer is A
A contra entry is an entry which is recorded to reverse or offset an entry on the other side of an account
When cash is remitted from the branch
Dr Bank account
Cr Branch account
Or
Dr Remittance from bank
Cr Remittance from branch