In cost accounting, prime cost is: MCQ with Answer and Explanation

Explanation:
The accounting equation represents the balance sheet. It is derived from the Dual Aspect Concept, which states that every transaction has two equal and opposite effects, ensuring the equation always balances. R correctly explains A.

Explanation:
NRV = estimated selling price in ordinary course less estimated costs of completion and estimated costs to make the sale.

Explanation:
The Purchases Book is strictly for credit purchases of trading goods. Cash purchases are recorded in the Cash Book. R correctly explains why cash purchases are excluded from the Purchases Book.