Accounts - Principles of Accounts Past Questions and Answers

Which of the following expenses constitutes prime cost?<br/>I. Direct labour cost II. Factory overheads III. Hiring of machine for production IV. Warehouse rent

Partly manufactured goods are treated in the balance sheet of a manufacturing company as

Use the following information to answer this question.<br/>Cash purchase - D 29,641<br/>Creditors 1/1/14 - D 2,473<br/>Creditors 31/12/14 - D 3,117<br/>Cash paid to creditors - D 127,345<br/>Discount received - D 4,211<br/>The credit purchases is

Use the following information to answer this question.<br/>Cash purchase - D 29,641<br/>Creditors 1/1/14 - D 2,473<br/>Creditors 31/12/14 - D 3,117<br/>Cash paid to creditors - D 127,345<br/>Discount received - D 4,211<br/>The total purchases is

Offei, a petty trader sold goods for GH¢36,240. The gross profit being 33\(\frac{1}{3}\)% on cost. What was the cost price?