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Accounting and Finance
Which transaction is entered in the general journal?
credit sale of goods
goods returned to supplier
purchase of a non-current asset on credit
purchase of inventory for cash
Author:
rikazzz
Comment
Accounting and Finance
In a trading section of income statement, closing inventory of $4 000 has been added to opening inventory and purchases. What is the effect of this on gross profit?
It is overstated by $4 000
It is understated by $4 000
It is overstated by $8 000
It is understated by $8 000
Author:
rikazzz
Comment
Accounting and Finance
How is the factory cost of production calculated?
direct labour + direct material
direct labour + factory overheads
direct material + direct labour + factory overheads
direct material + direct labour + total overheads
Author:
rikazzz
Comment
Accounting and Finance
An electricity accrual of $450 is treated as a prepayment when preparing a trader’s Profit and Loss account. What effect does this have on the trade/’s net profit?
It is overstated by $450
It is understated by $450
It is overstated by $900
It is understated by $900
Author:
rikazzz
Comment
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