|
₦ |
|
|
Manufacturing wages |
42000 |
|
Factory rent |
880 |
|
Raw materials: Stock 1/1/16 |
1000 |
|
Purchases |
16000 |
|
Stock 31/12/16 |
1400 |
|
Depreciation of Plants and Machinery |
800 |
|
Royalties |
300 |
|
Indirect wages |
18,000 |
|
General indirect expenses |
620 |
The prime cost is
₦57,900
₦42,000
₦45,000
₦78,200
Correct answer is A
Prime cost = Cost of raw materials consumed + Manufacturing wages + Royalties
= 15600 + 42000 + 300
= ₦57,900
Which of the following is used to service all operations of government?
General reserve fund
Consolidated revenue fund
Special operational fund
Consolidated reserve fund
Correct answer is B
Consolidate revenue fund shows the total income derived by the government from all the sources of revenue.
|
₦ |
|
|
Manufacturing wages |
42,000 |
|
Factory rent |
880 |
|
Raw materials: Stock 1/1/16 |
1,000 |
|
Purchases |
16,000 |
|
Stock 31/12/16 |
1,400 |
|
Depreciation of Plants and Machinery |
800 |
|
Royalties |
300 |
|
Indirect wages |
18,000 |
|
General indirect expenses |
620 |
Calculate the cost of raw materials consumed
₦15,600
₦17,000
₦42,000
₦20,300
Correct answer is A
Cost of raw materials consumed = 1000 + 16000 - 1400
= ₦ = 15600
III and IV
I, II and IV
II, III and IV
I, II and III
Correct answer is C
The features are:
- include capital and revenue items
- accruals and prepayments are not included
- it is a real account
- only actual receipts and payments are recorded
- balance represent cash in hand
I, II and IV only
I and IV only
I and II only
I, II and III only
Correct answer is B
The item on the credit side of the purchase control account or total creditor control account are: purchase (credit), cash refunds, discount withdrawn, debit note received.