Question

The balance of finished goods ledger control
Account is transferred to
Select one:
a. Costing Profit & Loss Account
O b. Cost Ledger Control Account
c. Stores Ledgers control Account
O d. Cost of sales Account

Answer 1

Answer:

b) cost ledger control account

Answer 2

Answer:

Costing Profit & Loss Account

Explanation:

The balance of this account, if carried to next period will be shown as balance, if not carried to next period will be transferred to Costing Profit and Loss Account, if charged as subsidiary rate to production transferred to Cost of Sales Account (on units sold), Work-in-Progress (on units incomplete) and to Finished.