Accounting

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 lighting.....................N1,200 Cost of production to be transferred at cost plus 20% mark-up. A.…

5 years ago

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

5 years ago

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 Wages..........................N1,040 Gross profit...................N5,900   A. N20,140 B. N10,240 C. N8,140 D. N7,240 Correct Answer:…

5 years ago

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…

5 years ago

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 c/f.....................N115   A. N606 B. N786 C.…

5 years ago

The beginning and ending accounts receivable balances were N20000 and N30000 respectively. The collection from customers during the period was N70000. What was the total sale on account?

A. N20,000 B. N60,000 C. N80,000 D. N120,000 Correct Answer: Option C - N80,000

5 years ago

In a sales ledger; contra entry is found on the?

A. debit side of the debtors' control account B. debit side of the crebtors' control account C. credit side of…

5 years ago

At the year end, the purchases ledger showed a debit balance of N108. The total on the debit side of the purchases ledger control account will be?

Opening balance.............................N10,640 Purchases...................................N26,912 Returns inwards.............................N492 Returns outwards............................N810 Cash discount received......................N1,348 Cash discount allowed.......................N1,560 Cash paid to suppliers......................N20,808   A. N22,966…

5 years ago

The balancing figure in the purchases ledger control account is?

A. N15,828 B. N15,720 C. N14,940 D. N14,694 Correct Answer: Option D - N14,694

5 years ago

Where closing stock is undervalued; the effect is?

A. an increase in gross profit B. a decrease in gross profit C. an increase in purchases D. a decrease…

5 years ago
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