When is a manufacturing account created?
Higher Accounting - Manufacturing Accounts Theory

Quiz
•
Business
•
5th Grade
•
Medium

Chantelle Scott
Used 123+ times
FREE Resource
10 questions
Show all answers
1.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Before the income statement
After the income statement
As part of the income statement
2.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which is NOT an example of a manufacturing company?
Washing machines
Fridges
Cars
IT software
3.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following elements of a manufacturing account matches the definition below:
The raw materials actually used to manufacture the product (e.g. cloth used to produce shirts, flour used to produce bread)
Direct materials
Direct wages
Indirect materials
Direct expenses
4.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following elements of a manufacturing account matches the definition below:
The wages of those workers actually engaged in the manufacturing process (e.g. wages of a sewing machine operator)
Direct materials
Direct wages
Indirect wages
Profit on manufacture
5.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following elements of a manufacturing account matches the definition below:
Expenses which can be traced directly to the units manufactured. This can include royalties and hire of specialist equipment.
Direct wages
Direct materials
Direct expenses
Indirect materials
6.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
Which of the following elements of a manufacturing account matches the definition below:
Fees that must be paid to other persons for the right to produce their products or to use their processes.
Direct expenses
Royalties
Hire of specialist equipment
Prime cost
7.
MULTIPLE CHOICE QUESTION
30 sec • 1 pt
How is Prime Cost calculated on a manufacturing account?
Prime Cost = Direct Materials + Direct Wages + Direct Expenses
Prime Cost = Direct Materials - Direct Wages - Direct Expenses
Prime Cost = Direct Materials x Direct Wages
Prime Cost = Direct Materials / Direct Expenses
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