Administrative, selling and distribution expenses in a manufacturing firm are recorded in
Trading account
Manufacturing account
Profit and loss account
Balance sheet
Correct answer is C
A profit and loss (P&L) statement summarizes the revenues, costs, and expenses incurred during a specific period of time.
An underwriter for a company's share is paid
Interest
Commission
Dividend
Salary
Correct answer is B
Underwriting commission is the compensation that an underwriter receives for offering underwriting services. a fee is paid as a return for the implicit risk involved in the underwriting contract.
Which of the following is a form of memorandum of association?
Names of directors
Appointment of directors
Object of the business
Payment of dividend
Correct answer is C
A memorandum of association contains a name clause, registered office clause, object (or objective clause), objects clause, liability clause, capital clause, and association clause. An MOA is a type of legal paper that is prepared when forming and registering a limited liability company (LLC).
The double entry to record the proceeds on disposal of assets in debit
Bank account; credit asset disposal account
Asset disposal account; credit bank account
Provision for depreciation account; credit asset disposal account
Asset disposal account; credit provision for depreciation account
Correct answer is C
Debit provision for Depreciation account (to remove the equipment's up-to-date accumulated depreciation), Credit the account Equipment (asset disposal account) to remove the equipment's cost.
Which of the following is not part of the central processing unit of a computer?
Arithmetical and lgical unit
Memory unit
Input unit
Control unit
Correct answer is C
Central processing unit (CPU), computer system, generally composed of the main memory, control unit, and arithmetic-logic unit.