Financial Statements Of A Manufacturer
Bayani Gaba-gaba
A trading business buys goods finished and ready to sell. A manufacturing business does something harder: it buys raw materials, pays people to turn them into something else, and only then has anything to sell at all. Its financial statements have to answer an extra question a trading business never faces: what did it actually cost to make the goods, before a single unit is sold?
In this lesson you will learn the difference between inventories of raw materials, work-in-progress and finished goods, and how to prepare a manufacturing account that builds from prime cost through to production cost, ready to flow straight into the income statement.
Manufura
- Understand the difference between the inventories of raw materials, work-in-progress and finished goods
- Prepare manufacturing accounts to show prime cost, production cost and total cost
Takardar Darasi
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Nazarin Darasi
Barka da kammala darasi akan Financial Statements Of A Manufacturer. Yanzu da kuka bincika mahimman raayoyi da raayoyi, lokaci yayi da zaku gwada ilimin ku. Wannan sashe yana ba da ayyuka iri-iri Tambayoyin da aka tsara don ƙarfafa fahimtar ku da kuma taimaka muku auna fahimtar ku game da kayan.
Za ka gamu da haɗe-haɗen nau'ikan tambayoyi, ciki har da tambayoyin zaɓi da yawa, tambayoyin gajeren amsa, da tambayoyin rubutu. Kowace tambaya an ƙirƙira ta da kyau don auna fannoni daban-daban na iliminka da ƙwarewar tunani mai zurfi.
Yi wannan ɓangaren na kimantawa a matsayin wata dama don ƙarfafa fahimtarka kan batun kuma don gano duk wani yanki da kake buƙatar ƙarin karatu. Kada ka yanke ƙauna da duk wani ƙalubale da ka fuskanta; maimakon haka, ka kallesu a matsayin damar haɓaka da ingantawa.
- Which inventory represents goods that have been started but not yet completed? A) Raw materials B) Work-in-progress C) Finished goods D) Purchases Answer: B
- A business has cost of raw materials consumed of $40,000, direct labour of $15,000 and direct expenses of $5,000. What is the prime cost? A) $45,000 B) $55,000 C) $60,000 D) $65,000 Answer: C
- Which of the following is a factory overhead rather than a direct cost? A) Direct wages B) Royalties per unit produced C) Depreciation of factory machinery D) Cost of raw materials consumed Answer: C
- In a manufacturing account, why is closing work-in-progress deducted? A) Because it has already been sold B) Because it is not yet finished and should not count as production cost C) Because it is a factory overhead D) Because it reduces revenue Answer: B
- What replaces purchases in a manufacturer's cost of sales calculation? A) Prime cost B) Factory overheads C) Production cost D) Direct labour Answer: C
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