26 May Question Chapter 7 Other accounts 1.The following balances are taken from the trial balance of the
Question
Chapter 7
Other accounts
1.The following balances are taken from the trial balance of the XYZ Manufacturing company:
£000
Raw material purchases 48
Direct labour 25
Direct expenses 8
Indirect labour 25
Indirect expenses 6
Transportation costs 4
The prime cost of production is:
(a) £116 000.
(b) £112 000.
(c) £81 000.
(d) £106 000.
2.Which of the following statements regarding manufacturing accounts is correct?
(a) All manufacturing companies must prepare a manufacturing account.
(b) Amanufacturing account is useful as an aid to financial reporting for manufacturing companies.
(c) Amanagement accounting system is needed to produce a manufacturing account.
(d) Manufacturing accounts are always produced annually by manufacturing companies.
3.Direct expenses are those which can be identified with particular products.
Which of the following items is a direct cost?
(a) The rent of the factory in which products are made.
(b) The wages of the production supervisor.
(c) A royalty paid to the holder of a patent after each item is produced.
(d) The cost of the glue used to attach labels to the products.
4.At the end of an accounting period a business has valued its work in progress closing stock by
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