Accounting

1.Direct labour cost is the remuneration paid to a

A supervisor

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B production worker

C security staff

D works manager

2. Which of the following expense is not an item of factory overhead ?

A insurance of the factory

B time keeper’s salary

C freight on raw materials

D stores

3. Prime cost is the aggregate of

A direct materials consumed + direct labour

B direct materials purchased + direct labour + direct expense

C direct materials consumed + direct labour + direct expenses

D direct materials consumed + direct labour + factory overhead

4. Generally work-in-progress is valued at

A prime cost

B factory cost

C factory cost + administrative overhead

D prime cost + variable factory overhead

5. Secondary packing materials is treated as

A direct expenses

B factory overhead

C selling overhead

D distribution overhead

6. Which of the following is an item of overhead ?

A audit fees

B bad debts

C discount allowed

D delivery van expenses

7. What is a Consignment Account? Distinguish between sale and consignment.

8. What is an Account Sales? Prepare an Account Sales with assumed data.

9. What is del credere commission? Why is it given to the consignee?

10. What are non-recurring expenses? Give some examples.

11. What is a Proforma Invoice? Prepare a Proforma Invoice with assumed figures.

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