Accounts - Principles of Accounts Past Questions and Answers

The ware and tear of a fixed assets of a company which is chargeable to company’s financial statement is called ------------------------------

To realize an asset means to

The process of cost apportionment is carried out so that

Preliminary expenses is an example of

Use the information below to answer this question.
\(\begin{array}{c|c}
\text{Raw materials jan.} & 5,000 \\
\hline
\text{Raw materials dec.} & 5,800 \\
\hline
\text{Purchase of raw materials} & 45,000 \\
\hline
\text{Salary} & 61,000 \\
\hline
\text{Factory lubricant} & 2,050 \\
\hline
\text{plant depreciation} & 1,300 \\
\hline
\text{Factory insurance} & 1,250 \\
\end{array}\)
The prime cost for the company is