The difference between the market value of goods produced and the cost of production is
net profit on goods sold
gross profit on manufacturing
Closing stock of work-in-progress
Prime cost of manufacturing
Correct answer is B
No explanation has been provided for this answer.
The accounting method that reports incomes when earned and expenses when incurred is called
Accrual accounting
Cash accounting
Fund accounting
Commitment accounting
Correct answer is A
No explanation has been provided for this answer.
Use the information below to answer the question
Gross profit b/d Less: Salaries and wages Electricity Depreciation Net profit c/d |
Dept A |
Dept B ₦ 4,000 1,200 ? ? 1,600 4,000 |
Total 10,000 |
It is the tradition of the organization to apportion expenses in the proportion 60%:40% for A and B respectively.
The depreciation to be charged to department B is
₦500
₦300
₦400
₦600
Correct answer is C
No explanation has been provided for this answer.
Use the information below to answer the question
Gross profit b/d Less: Salaries and wages Electricity Depreciation Net profit c/d |
Dept A |
Dept B ₦ 4,000 1,200 ? ? 1,600 4,000 |
|
It is the tradition of the organization to apportion expenses in the proportion 60%:40% for A and B respectively.
What is the net profit made by department A?
₦2000
₦3600
₦3000
₦2400
Correct answer is D
No explanation has been provided for this answer.
₦245,000
₦215,000
₦295,000
₦265,000
Correct answer is A
No explanation has been provided for this answer.