Cost of production to be transferred at cost plus 20% mark-up. The gross profit on manufacture is?
Materials consumed……………….N16,600 Direct cost……………………..N5,400 Factory rent…………………….N2,300 Factory...
Cost classification in relation to charges is determined by the level of?
A. raw materials B. labour C. activity D. profitability Correct Answer: Option C – activity
The beginning inventory was estimated at 80% of sales. Determine the amount for the beginning inventory?
Beginning inventory…………N? Purchases………………….N? Ending inventory……………N4,800 Sales……………………..N12,800...
In converting single entry to final account; the balancing figures on the income and expenses accounts are transferred to the?
A. revenue and expenditure account B. receipts and payments account C. profit and loss apporpriation account D. profit and loss account Correct Answer: Option D – profit and loss account
Determine how much to be charged to profit and loss account?
Given: General expenses account. Paid by cheque………………N671 Paid by cash………………..N70 Accrued b/f…………………N65 Accrued...Products
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