As a basis for assessing future usage, fixed assets are shown at
Selling price
Cost price
Cost plus residual value
Net book value
Correct answer is B
No explanation has been provided for this answer.
Sales day book
Cash book
Purchase day book
General journal
Correct answer is B
No explanation has been provided for this answer.
Which of the following is a prime cost?
Royalty
Salary
Commission
Discounts allowed
Correct answer is A
Prime cost is the direct cost incurred during production. Royalty is paid on production basis and on sales basis. If it is paid on production basis then it is considered direct expense (prime cost) and debited to Trading Account.
The amount for which a business is sold is that
Goodwill
Considerated fund
Purchase
Considerations
Capital reserve
Correct answer is D
Consideration is a payment made by one party to another in exchange for the transfer of something of value. It must be of value to both parties entering into a transaction.
Le 12,400
Le 6,000
Le 2,400
Le 2,000
Correct answer is C
The wages owed as at 30/6/08, wages of Le 2,400