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The following information relates to a specific job due to be carried out by an organisation:Productive hours: 540 Wage rate: $10It is also estimated that idle time will make up 10% of the total time paid.What is the estimated labour cost for this job?

A. $6,000
B. $5,400
C. $5,940
D. $4,860

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For which TWO of the following organisations would service costing be MOST appropriate?

A. Hairdresser
B. Film studio
C. Accountancy firm
D. Cake manufacturer

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A factory worker received $350 for a week’s work. The $350 comprised $280 for work producing 200 completed items and $70 for work on 100 items which were 50% complete at the end of the week. Which TWO are the correct accounting entries?

A. Dr Bank: $350, Cr Production: $350
B. Dr WIP: $350, Cr Labour control account: $350
C. Dr Labour control account: $350, Cr Bank: $350
Dr Bank: $350, Cr Production: $280, Cr WIP: $70

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Which of the following is an indirect cost of production for a pen and pencil manufacturer?

A. Ink for the pens
B. Wages of pencil quality control staff
C. Factory rent
Depreciation of office equipment

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Which of the following is a definition of depreciation?

A way of matching the cost of a non-current asset to the periods in which it is used
B. The charge to the accounts made for an asset in the time since it was purchased
C. A way of matching the cost of current assets to the period in which they are used
D. The value of a non-current asset as shown on the statement of financial position

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The following information relates to a specific job due to be carried out by an organisation:Productive hours: 540 Wage rate: $10It is also estimated that idle time will make up 10% of the total time paid.What is the estimated labour cost for this job?

A. $6,000 B. $5,400 C. $5,940 D. $4,860

For which TWO of the following organisations would service costing be MOST appropriate?

A factory worker received $350 for a week’s work. The $350 comprised $280 for work producing 200 completed items and $70 for work on 100 items which were 50% complete at the end of the week. Which TWO are the correct accounting entries?

Which of the following is an indirect cost of production for a pen and pencil manufacturer?

Which of the following is a definition of depreciation?

A. $6,000
B. $5,400
C. $5,940
D. $4,860