Accounts - Principles of Accounts Questions
Question 2751:
The difference between a trading account and a manufacturing account is that while manufacturing account ____
- A Has no particular period, the trading account has
- B Does not consider cost of goods involved, the trading account does
- C Is concerned with the cost of production, the trading account is not.
- D Is not concerned with stock of raw materials, the trading account is.
Question 2752:
The factory cost of goods produced is made up of ____
- A Prime cost and factory overhead
- B Prime cost and office overhead
- C Raw materials consumed and fixed cost
- D Raw materials and administrative overhead.
Question 2753:
The following information is provided for Amusa Company Ltd a manufacturer: Prime cost - N999,000, Manufacturing overhead N132,000, Closing work in progress N75,000, Value of finished goods transferred to the Trading Account —<br/>N1,116,000, If included in the manufacturing overhead were rents of N5,000 paid in advance, what is the opening work in progress for the period?
- A N85,000
- B N80,000
- C N70,000
- D N65,000
Question 2754:
The manufacturing account is prepared to determine the cost of ____
- A Trading
- B Production
- C Factory overhead
- D Raw materials used
Question 2755:
Subscription in arrears are ___
- A Credited to the income and expenditure account and shown as a liability in the balance sheet
- B Debited to the income and expenditure account and shown as an asset in the balance sheet
- C Credited to the income and expenditure account and shown as an asset in the balance sheet
- D Debited to the income and expenditure account and shown as a liability in the balance sheet.