Integrated & Non-Integrated Accounts

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30 Que, 30 Marks

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1- Separate books of account are maintained for costing and financial accounting purposes under...................... *

1 point

Inter locking system of accounting

Integrated system of accounting

Both (a) & (b)

None of the above

2- Under integrated system of accounting, purchase of raw material is debited to ...................... *

1 point

Purchase Account

Work-in-progress Control Account

Stores Ledger Control Account

None of the above

3- Under integrated system of accounting, issue of raw material is debited to which account ........................... *

1 point

Raw Material Control Account

Work-in-progress Control Account

Purchase Account

None of the above

4- Notional costs ...................... *

1 point

May be included in inter locking accounts

May be included in integrated accounts

Cannot be included in Inter locking accounts

None of the above

5- In a non-integrated system of accounting, the emphasis is on................ *

1 point

Personal Accounts

Real Accounts

Nominal Accounts

All of the above

6- Which of the following accounts makes the cost ledger self balancing? *

1 point

Overhead Adjustment Account

Costing P & L Account

Cost Ledger Control Account

None of the above

7- .....................ledger, an account is maintained for each job. *

1 point

Adjustment Account

Cost Ledger Control Account

Work-in-progress Control Account

Purchase Account

8- Which of the following is principle ledger in cost accounts? *

1 point

General Ledger Control Account

Costing Profit & Loss Account

Factory Overhead Control Account

All of the above

9- Closing balance in Costing Profit & Loss Account represents.................... *

1 point

Costing Profit

Costing Loss

Both (a) & (b)

Either (a) or (b)

10- Balance in Work-in-progress Control Account is transferred to............. *

1 point

Cost of Sales Account

Factory Overhead Control Account

Finished Goods Control Account

Any of the above

11- When production overhead is over absorbed, then in Production Overhead Control A/c ......................... *

1 point

There will be difference on debit side to Production Overhead Control A/c

There will be difference on credit side to Production Overhead Control A/c

Production Overhead Control A/c will get tally

None of the above

12- Nominal Ledger Control A/c invariably has .................. *

1 point

Debit balance

Credit balance

No balance

None of the above

13- Costing Profit & Loss A/c does not record ................... *

1 point

Sales value of the goods

Balance of Production Overhead Control A/c

Balance of Cost of Sales A/c

Balance of Raw Material Control A/c

14- When stores are issued for maintenance ............is debited and ..............is credited. *

1 point

WIP Control A/c, Store Ledger Control A/c

Factory Overhead Control A/c, Store Ledger Control A/c

Store Ledger Control A/c, Factory Overhead Control A/c

Factory Overhead Control A/c, WIP Control A/c

15- Entries in Store Ledger Control A/c are made from.............. *

1 point

Goods Received Note

Material Requisitions

Material Received note

Any of the above

16- If the finished product is transferred to stores, a credit entry is made in.................and a corresponding debit entry is made in ............... *

1 point

Finished Goods Control A/c, Cost of Sales A/c

WIP Control A/c, Finished Goods Control A/c

Finished Goods Control A/c, WIP Control A/c

Cost of Sales A/c, Finished Goods Control A/c

17- Abnormal losses in material are................ *

1 point

Credited to Costing Profit & Loss A/c

Debited to Production Overhead Control A/c

Credited to Store Ledger Control A/c

Debited to Store Ledger Control A/c

18- Difference in Finished Goods Control Account represent............ *

1 point

Total goods manufactured

Value of goods lying at hand

Value of cost of goods sold

None of the above

19- In Wages Control A/c, direct wages are transferred to ......... *

1 point

Prime Cost Control A/c

Factory Overhead Control A/c

WIP Control A/c

Finished Goods Control A/c

20- All indirect costs are debited to................. *

1 point

Manufacturing Overhead Control A/c

WIP Control A/c

Finished Goods Control A/c

Costing Profit & Loss A/c

21- Administrative Overhead recovered.............. *

1 point

Charged directly to Costing Profit & Loss A/c

Is credited to Administrative Overhead Control A/c

Is debited to Administrative Overhead Control A/c

Are not considered in Non-integrated account system

22- The difference between overheads incurred and recovered overhead is transferred usually to.................. *

1 point

Cost of Sales A/c

Finished Goods Control A/c

Manufacturing Overhead Control A/c

Overhead Adjustment A/c

23- The net profit or loss in Costing Profit & Loss A/c is transferred to................ *

1 point

Capital A/c

Cost Ledger Control A/c

Both (a) & (b)

(a) or (b)

24- Overhead Adjustment A/c is to be debited for ................. *

1 point

Under-recovery of overhead

Over-recovery of overhead

Both (a) & (b)

(a) or (b)

25- Materials transferred between batches will not affect the Control Accounts. *

1 point

False

True

Partly correct

None of the above

26- ................is the name given to a system of accounting, whereby cost and financial accounts are kept in the same set of books. *

1 point

Non-Integrated Accounts

Integrated Accounts

Inter-connected Accounts

Inter-Transfer Accounts

27- Which of the following do not find place in Integrated Accounts? *

1 point

Debtors A/c

Cost Ledger Control A/c

Store Ledger Control A/c

Administrative Overhead Control A/c

28- Under integrated system of accounting, purchase of raw material is debited to which account? *

1 point

Stores Ledger Control A/c

WIP Controal A/c

Purchase A/c

None of the above

29- When stores are issued for maintenance, the accounting entry is to .............production overheads and ...................stores ledger control account. *

1 point

Debit; credit

Credit; debit

Deduct; add

Divide; multiply

30- .................account does not record the balance of stores ledger control account. *

1 point

Manufacturing

Trading

Profit and loss

Work-in-progress

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