Accounting Questions & Answers - Free Online Practice

836.

Use the following information to answer the given question.

\(\begin{array}{c|c} & & N \\ \hline \text{Purchases:} & \text{raw materials} & 20,000 \\ & \text{finished goods} & 15,200 \\ \text{Stock 1/1/89:} & \text{ raw materials} & 3,000 \\ & \text{work-in-progress} & 2,500 \\ Wages: & direct & 22,800 \\ & indirect & 7,200 \\ \text{Factory expenses:} & electricity & 12,000 \\ & insurance & 2,000 \\ \text{Stock 31/12/89:} & \text{raw materials} & 4,000 \\ & \text{work-in-progress} & 4,500\end{array}\)
The cost of manufacturing goods is

A.

N67,500

B.

N65,500

C.

N65,000

D.

N63,000

E.

N61,000

View answer & explanation

Correct answer is E

No explanation has been provided for this answer.

837.

Use the following information to answer the given question.

\(\begin{array}{c|c} & & N \\ \hline \text{Purchases:} & \text{raw materials} & 20,000 \\ & \text{finished goods} & 15,200 \\ \text{Stock 1/1/89:} & \text{ raw materials} & 3,000 \\ & \text{work-in-progress} & 2,500 \\ Wages: & direct & 22,800 \\ & indirect & 7,200 \\ \text{Factory expenses:} & electricity & 12,000 \\ & insurance & 2,000 \\ \text{Stock 31/12/89:} & \text{raw materials} & 4,000 \\ & \text{work-in-progress} & 4,500\end{array}\)
The amount of factory overhead is

A.

N28,200

B.

N23,200

C.

N21,299

D.

N19,200

E.

N14,200

View answer & explanation

Correct answer is D

No explanation has been provided for this answer.

838.

Use the following information to answer the given question.

\(\begin{array}{c|c} & & N \\ \hline \text{Purchases:} & \text{raw materials} & 20,000 \\ & \text{finished goods} & 15,200 \\ \text{Stock 1/1/89:} & \text{ raw materials} & 3,000 \\ & \text{work-in-progress} & 2,500 \\ Wages: & direct & 22,800 \\ & indirect & 7,200 \\ \text{Factory expenses:} & electricity & 12,000 \\ & insurance & 2,000 \\ \text{Stock 31/12/89:} & \text{raw materials} & 4,000 \\ & \text{work-in-progress} & 4,500\end{array}\)
The prime cost is

A.

N49,000

B.

N45,800

C.

N43,800

D.

N41,800

E.

N38,800

View answer & explanation

Correct answer is D

No explanation has been provided for this answer.

839.

In the absence of a partnership agreement, additional capital contributions by partners attract interest of

A.

5%

B.

10%

C.

12%

D.

15%

View answer & explanation

Correct answer is A

In the Absent of an agreement, the partners will share profits and losses equally. If an agreement exists, partners divide profits based on the terms specified. Any reason can be used as the basis for establishing a profit-sharing ratio, but the two main factors are responsibility and capital contributions. Additional capital contributed attracts a 5% interest in the absence of a partnership agreement

840.

Use the following information to answer the given question.

\(\begin{array}{c|c} & & N \\ \hline \text{Purchases:} & \text{raw materials} & 20,000 \\ & \text{finished goods} & 15,200 \\ \text{Stock 1/1/89:} & \text{ raw materials} & 3,000 \\ & \text{work-in-progress} & 2,500 \\ Wages: & direct & 22,800 \\ & indirect & 7,200 \\ \text{Factory expenses:} & electricity & 12,000 \\ & insurance & 2,000 \\ \text{Stock 31/12/89:} & \text{raw materials} & 4,000 \\ & \text{work-in-progress} & 4,500\end{array}\)
The cost of materials used is

A.

N23,000

B.

N21,000

C.

N20,000

D.

N19,000

E.

N16,000

View answer & explanation

Correct answer is D

No explanation has been provided for this answer.

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