Accounts - Principles of Accounts Past Questions and Answers

The following information is provided for Amusa Company Ltd a manufacturer: Prime cost #999,000, Manufacturing overhead #132,000, Closing work in progress #75,000, Value of goods transferred to finished goods account #1,116,000. If included in the manufacturing overhead were rents of #5,000 paid in advance, what is the opening work in progress for the period?

The trial balance showed wages #2,500 and a note stated that #500 wages were due but unpaid. When preparing final accounts and balance sheet, it is required to debit profit and loss account with

A financial analyst needs accounts information to

Which of the following is not a revenue account?

In the absence of a sales day book or sales account, credit sales can be computed from