Accounts - Principles of Accounts Past Questions and Answers

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.

	N
Purchase ledger opening balance	4,000
sales ledger opening balance	6,000
credit purchase	25,000
Discounts allowed	1,000
Returns inwards	2,000
Credit sales during the year	10,000
Return outwards	6,000

Use the information above to answer the following question;


what is the purchase ledger balance?

lubricating oil and spare parts of machines are example of?

for an incomplete record to provide necessary information, it must be converted to?