Nominal account
Personal account
Real account
Fixed assets account
Correct answer is C
Examples of Real Accounts. The real accounts are the balance sheet accounts which include the following: Asset accounts (cash, accounts receivable, buildings, etc.) Stockholders' equity accounts (common stock, retained earnings, etc.)
Balance sheet
Manufacturing account
Trading account
Profit and loss account
Correct answer is D
No explanation has been provided for this answer.
Which of the following is not part of prime cost of production?
Depreciation of factory equipment
Direct expenses
Direct wages
Carriage on raw materials
Correct answer is A
Prime costs are all of the costs that are directly attributed to the production of each product. Prime costs are direct costs, meaning they include the costs of direct materials and direct labor involved in manufacturing an item. Companies use prime costs to price their products.
Unsecured creditors
Partner's loan and advances
Secured creditors
Partner's capital
Correct answer is C
A secured creditor is generally a bank or other asset-based lender that holds a fixed or floating charge over a business asset or assets. When a business becomes insolvent, sale of the specific asset over which security is held provides repayment for this category of creditor.
Bases
Techniques
Concepts
Method
Correct answer is C
Accounting concepts and conventions are the basic assumptions that underline the preparation of the periodic financial statements of a business.