Which of the following expenses constitutes prime cost? &...
Which of the following expenses constitutes prime cost? I. Direct labour cost
II. Factory overheads
III. Hiring of machine for production
IV. Warehouse rent
I and II only
I and III only
I, II and III only
I,II and IV only
Correct answer is B
Prime costs consist of direct materials and direct labor. Direct materials include all tangible components of a product. For example, direct materials include raw materials, supplies, and any other component that becomes part of the finished product.
Use the following information to answer the given question \(\begin{array}{c|c}year &am...
Motor Vehicle Account as at 31st December 2001. Debit: Jan. 1, cost ................N1950 000 Dec...
Which of the following has a debit balance? i. calls-in-arrears ii. cash-in-advance i...
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Use the following information to answer the given question \(\begin{array}{c|c} & DR & CR...