A fixed cost is fixed only in relation to
The quality of goods produced
The quantity of goods sold
A given period of time and a range of activities
A given period of time and the nature of activity
Correct answer is D
No explanation has been provided for this answer.
The simplest form of single entry procedure consists fo keeping a
Day book or general journal
Cash book and ledger accounts showing debtors and creditors balances
Cash journal, sales journal and purchases journal
Day book in which transactions are described in chronological order
Correct answer is B
No explanation has been provided for this answer.
N24,577
N13,877
N7,067
N2,890
Correct answer is B
No explanation has been provided for this answer.
In a manufacturing company, the total cost of goods produced is equivalent to?
Purchases
Sales
Cost of goods sold
Cost of materials used
Correct answer is A
No explanation has been provided for this answer.
An expenses account is closed by a debit to
An asset account and a credit to the expenses account
The expenses account and a credit to an asset account
Profit and loss account and a credit to the expenses account
The expenses account and a credit to profit and loss account
Correct answer is C
No explanation has been provided for this answer.