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Chapter 13

Accounting for Non-accounting Students · 8 exercises

Problem 1

What is meant by 'responsibility accounting'?

5 step solution

Problem 2

What is (a) a cost centre, (b) a profit centre and (c) an investment centre?

3 step solution

Problem 3

What is (a) a direct cost and (b) an indirect cost?

2 step solution

Problem 5

What is meant by 'prime cost'?

3 step solution

Problem 6

What are direct materials?

3 step solution

Problem 7

What four methods may be used for charging direct materials out to production?

5 step solution

Problem 8

What is meant by 'direct labour'?

4 step solution

Problem 10

Give an example of a direct cost other than materials or labour.

4 step solution

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