1 A Receipts and Payments Account is one (A) Which is accompanied by a balance sheet (B) In which the profit is calculated (C) In which the opening and closing cash balances are shown (D) In which the...

1

A Receipts and Payments Account is one

(A) Which is accompanied by a balance sheet

(B) In which the profit is calculated

(C) In which the opening and closing cash balances are shown

(D) In which the surplus of income over expenditure is calculated

2

Prime cost includes

(i
) Direct labour

(ii
) Factory overhead expenses

(iii
) Raw materials consumed

(iv) Direct expenses

(A) (i
), (ii) and (iii
)

(B) (ii
), (iii) and (iv)

(C) (i
), (iii) and (iv)

(D) (i
), (ii) and (iv)