Accounts - Principles of Accounts Past Questions and Answers

Balance sheet (extract)

	N
Creditors	7,940
Prepaid expenses	290
Accrual expenses	323
Stock	4,500
Cash balances	4,956
Debtors	905

Use the information in the above table to answer the question.


Determine the current liabilities.

The excess of sales over cost of goods sold is?

The control account is used in facilitating?

The main objective of accounting report is to provide information about?

	N
Direct material	2,500
Direct labour	5,000
Direct expenses	1,000
Overhead expenses	1,500

use the information contained in the table to anwser the qustion below;


from the data above, compute the prime cost.