The manufacturing account is prepared to ascertain
Cost of goods sold
Cost of production
Gross profit
Finished goods
Correct answer is B
The manufacturing account forms an integral part of the revenue account of a manufacturing organization. It is prepared to know the cost of the goods manufactured or to ascertain the amount of any profit on the manufacturing process i.e the cost of production.
Profit
Capital
Loss
Cash
Correct answer is C
The difference between opening and closing capital will give either a profit or loss.
If the opening capital is greater than closing capital then loss and vice versa.
₦550
₦12,250
₦12,530
₦830
Correct answer is D
The creditors at end figure is used for the balance sheet.
₦11,970
₦11,000
₦1,250
₦12,053
Correct answer is A
12,250 + 550 - 830
13,080 - 830
₦11,970
Equipment Motor Vehicle Loan Creditors Sub in advance Sub in arrears |
₦ 10,000 15,000 4,500 3,000 150 3500 |
What is the accumulated fund?
₦14,150
₦20,850
₦21,850
₦14,200
Correct answer is B
Accumulated fund = Assets - liabilities
10,000 + 15,000 + 3500 - 4500 + 3000 + 150
28,500 - 7650
₦20,850