Accounting Questions and Answers

Given:
Cash purchases ..............................N25000
Trading creditors............................N45000
Opening balance of trade creditors...........N35000

Calculate the purchases for the period?

A company operating a chain of retail provision stores invoices goods to the branches at cost plus a mark-up of 25%. What is the mark-up percentage on selling price?

Costs that vary in proportion to the level of production in a manufacturing environment are known as?

Given that 1/3 of the N6000 stock held by a branch is purchased from outsiders. If goods are invoiced to branch at 25% on cost, the provision for unrealized profit is?

Nasara Manufacturing Plc has three direct labour employees that work 40 hours each a week for 50 weeks a year. Factory overhead costs of N60,000 is distributed on the basis of direct labour hours.
Compute the overhead rate?