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51.

Goodwill of a firm represents:

A.	Fixed assets	B.	Tangible assets
C.	Intangible assets	D.	Fictitious assets

52.

A bank account is a:

A.	Personal account	B.	Real account
C.	Liability account	D.	Nominal account

53.

Prepaid expenses appearing in a trial balance will figure in the:

A.	Balance sheet	B.	Profit and loss account
C.	Profit and loss account and balance sheet	D.	Prepaid expenses account

54.

Sale of old furniture on credit will appear in the:

A.	Sales day book	B.	Cash book
C.	Journal	D.	Debtors ledger

55.

The excess of current assets over current liabilities is called:

A.	Net worth	B.	Working capital
C.	Net tangible worth	D.	Turnover

56.

Depreciation is the process of:

A.	Allocation of costs	B.	Valuation of assets
C.	Use of assets	D.	None of the above

57.

What is the objective of cost accounting?

A.	Cost determination	B.	Cost analysis
C.	Cost control	D.	All of the above

58.

What is Conersion Cost?

A.	Cost of materials and labour	B.	Cost of transforming direct materials into finished products
C.	Cost of labour	D.	Total cost of running business

59.

In an integrated costing system, most of the data relevant to cost accounting comes from the:

A.	Cost accounting system	B.	Financial accounting system
C.	Stores accounting system	D.	Sales and distribution system V H-

60.

Which method of costing is used by sugar mills?

A.	Unit or output costing	B.	Job costing
C.	Process costing	D.	Batch costing