43
Use the following information to answer the given question \(\begin{array}{c|c} & & ₦\\ \hline \text{Raw materials} & \text{stock 1/1/2000} & 4,500 \\ & purchases & 30,000\\ & \text{stock 31/12/2000} & 6,000\\ \text{Wages: direct} & & 34.200\\ indirect & & 10,800\\ \text{factory expenses: rent} & & 18,000\\ insurance & & 3,000\\ \text{work-in-progress: 1/1/2000} & & 3,750\\ \text{31/12/2000} & & 6,750\end{array}\)
What is the cost of raw materials consumed?
- A. N34,500
- B. N31,500
- C. N28,500
- D. N28,500
44
Which of the following belongs to the normal ledger?
- A. salaries account
- B. fixtures account
- C. stock account
- D. debtors account
45
Discounts allowed is charged to
- A. trading account
- B. balance sheet
- C. current account
- D. profit and loss account
46
Which of the following is not a liability?
- A. accrued wages
- B. rent arrears
- C. prepayment
- D. insurance due but unpaid
47
The source document sent by the seller to the buyer when goods are returned is
- A. credit note
- B. purchase invoice
- C. sales invoice
- D. debit invoice
48
The accounting equation is
- A. Capital less current assets amounts to Liabilities
- B. assets less liabilities amount to capital
- C. fixed assets and current Liabilities amount to capital
- D. capital assets amount t liabilities