Which of the following expenses relates to the profit and loss account of a manufacturing firm

• A. Direct materials
• B. Direct labour
• C. Administrative overhead
• D. Work-in-progress

The objective of departmental account is to

• A. ascertain the cost of running the organization
• B. ascertain the amount of profit or loss for each department
• C. ascertain the amount of profits for losses for the enterprises
• D. offset the loss of each treatment

i. Direct materials ii.Direct labour iii.Direct expenses iv. Factory expenses Prime cost consist of

• A. i, ii and iii
• B. i, ii and iv
• C. i, iii and iv
• D. ii, iii and iv

The purchase consideration that is lower than the net asset implies that, the buyer has gained the advantage of

• A. net income
• B. revenue reserve
• C. capital reserve
• D. net loss

The major source document which enables an employer to calculate the employee wages is the

• A. nominal roll of employees
• B. record of number of hours worked
• C. effort of the employee
• D. record of number of dependants per employee

The amount paid by a new partner on admission as a compensation for the reputation built up by old partners is a

• A. bonus
• B. commission
• C. premium
• D. goodwill

When the debit side total of an account, it means that the account has

• A. been overdrawn
• B. been understand
• C. debit balance
• D. credit balance

In a partnership account, interest on drawings is

• A. debited to appropriation account
• B. credited to appropiation account
• C. treated as an expense in profit and loss account
• D. recorded in the balance sheet as current assets

The addition of prime cost, indirect cost and opening work-in-progress less the closing work-in-progress will result in cost of

• A. goods available for sale
• B. goods sold
• C. goods manufactured
• D. materials put into production

Which of the following is the capital reserve of a company

• A. Share premium
• B. Retained profit
• C. Accumulated depreciation
• D. Loss on forfeited shares