Wages paid for erection of new plant (machinery) should be debited to Wages account Cash account Plant account None of the above
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- Identify which of the following is classified as a revenue expenditure a. Cost of purchase of Machine b. Expense incurred for repairing the machine c. Installation expense paid for fixing the machine d. Import duty paid for importing the machineIn any construction project, the total bill to the owner must equal a. Gross profit b. Net profit c. Project contract amount d. General overheadThe following is an example of a contra account: Select one: Equipment Equipment expense Accounts payable Accumulated depreciation
- Which two of the costs on the invoice for a new company car would be classified as expenditure charged to profit or loss Road tax Number plates Maintenance contract Delivery costIn light of your study of the main conditions mentioned in the definition, mention why are or are the following items not considered assets? T. . Deferred income taxes, Signing a construction contract witha value of $ 0 0,0 0 1,0 $, the cost of a previous service, training of employees, the trade name developed internallyThe Working Capital will not be needed for: a. Payment of wages and salary b. Purchase of Machinery c. Purchase of raw materials and spares d. Day-to-day expenses
- If wages paid for installation of new machinery is debited to wages Account, it is:(a) An error of commission.(b) An error of principle.(c) A compensating error.(d) An error of omission.When writing journal entries for recording assets, what is the end result in the account: Group of answer choices Aggregate cost of the asset Cost, net of preparation costs. Proceeds paid to employees Only the net depreciable costsThe process of transferring the cost of an asset to an expense account over time is called O A) write-off B) write-down O C) appreciation O D) depreciation O E) all of the above F) none of the above
- Which of the following is not an example of a fixed cost A.Salaries of staff b. Direct Materials C.Rent of premises D.Insurance premium on assetsDoes the balance in the Accumulated Depreciation— Machinery account represent funds to replace the machinery when it wears out? If not, what does it represent?Insurance expense incurred on a factory building would be treated as a a.period cost b.selling cost c.direct cost d.product cost
