The total credit sales for a period can be extracted from the?
Cash book
Sales day book
Petty cash book
Returns inwards
Correct answer is B
The sales day book, also known as the sales book, is a ledger covering, in detail, all credit sales transactions during the day. These sales are then added together and recorded in the sales ledger for that day.
The major source of document which enables employer to calculate the employee wages is the?
Nominal roll of employees
Records of number of hours worked
Effort of the employee
Record of independence per employee
Correct answer is B
The numbers of hours worked is the period of time that a person spends at paid labour. This means that, an employee pay roll is prepared by calculating the number of hours that employee spend working for his or her employer. The wages / salaries of that employee is subject to hourly rate. ( the more time you spend at work, the more the pay).
It is however worthy to note that, not all employees / employers practice this payment method.
Which of the following is not an inventory costing method?
FIFO
LIFO
Average cost method
LILA
Correct answer is D
No explanation has been provided for this answer.
To account for expenses paid by head office on behalf of the branch, the branch should___________
Debit profit and loss account and credit head office account
Debit head office account and credit cash
Credit cash and debit profit and loss account
Credit profit and loss account and debit head office account
Correct answer is A
The head office maintains a book, (branch account) more or less like other personal accounts, so that any expenses incurred on behalf of the branch will also be debited to the branch account. Similarly, in the branch books, there will be head office accounts
36,925Cr
40,000Cr
50,000Dr
36,295Dr
Correct answer is A
Drawings: 3000 + 2000 + 4000 + 1500 + 2500 = 13000
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