ACC757
Question: In which of the following jointly – owned organizations does each member retain his/her identity?
Answer: Joint venture business
Question: The consignment account is prepared to show the following except ……
Answer: Profit or loss
Question: A long-term relationship between two or more people who come together to execute a specific business with the aim of making profit is
Answer: Partnership business
Question: Another name for a consignor is ………….
Answer: Principal
Question: The end result of the manufacturing accounting process is
Answer: Cost of goods produced for the period
Question: …….is the cash or its equivalent received by a non-trading organization following the will of a deceased donor.
Answer: Legacies
Question: Which of the following is not a feature of a Bill of Exchange?
Answer: It is subject to certain conditions
Question: Expenses paid for while the service is yet to be rendered to the organization is known as……
Answer: Prepayment
Question: The options available to a holder of a Bill include the following except:
Answer: All of the above
Question: The following are non-profit making organizations except ……..
Answer: A restaurant business
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