#10,000
#42,000
#45,000
#52,000
Correct answer is D
30,000 + 7000 + 8000 +10,000 = 55000
55,000 - 3000 = 52,000
The excess revenue over expenditure is charged to
Profit and loss
Revenue account
Accumulated fund
Income and expenditure acccount
Correct answer is C
An accumulated fund is the capital fund of a nonprofit organization. Money is directed into the accumulated fund when revenues are greater than expenditures and there is a budgetary surplus.
The main advantage of a departmental account is that its
Expenses are shared
Gross profit is computed
Net profit is computed
Balance sheet is obtained
Correct answer is B
The most significant advantages of departmental accounts are: Individual results of each department are known which helps to compare the performances among all the departments, i.e., the trading results can be compared. Departmental accounts help to understand or locate the success, failure, rates of profit, etc.
#416,000
#304,000
#240,000
#184,000
Correct answer is B
Prime cost is the direct cost of a commodity in terms of the materials and labour involved in its production, excluding fixed costs and overheads.
360,000 - 56,000 = 304,000
#64,000
#120,000
#360,000
#480,000
Correct answer is B
selling price x production volume
120 x 4000 = 480,000
Total sales - cost of production
480,000 - 360,000 = 120,000 (profit)