Jamb Accounts - Principles of Accounts 1999 Past Questions and Answers

Question 21:

• JAMB 1999

Lawal and co makes blocks and sell to builders.
In computing prime cost, which of the following costs would be considered appropriate?

A. Cement, sand and carriage outwards
B. Water carriage inwards and cement
C. Sales boys'wages, cement and sand
D. Carriage outwards,carriage inwards and cement

Question 22:

• JAMB 1999

Manufacturing costs can be classified based on?

A. Timing of charges degree of averaging and size of capital
B. Degree of averaging, ease of traceability and timing of charges
C. Degree of averaging, size of floor space occupied and cost accounts
D. Number of employees, timing of charges and management style

Question 23:

• JAMB 1999

The difference between the factory cost of production and the prime cost of production is?

A. Direct materials
B. Direct labour
C. Selling expenses
D. Overhead

Question 24:

• JAMB 1999

Receipt and payments account of a non-profit making organization is principally a summary of the?

A. Bak entries
B. Cash bok entries
C. Expenditure entries
D. Balance sheet entries

Question 25:

• JAMB 1999

Given:
Club N150
Cash sales N4,850
Club debtors at close N900
Cash received from debtors N550
What is the amount of club sales?

A. N6,150
B. N4,850
C. N4,650
D. N1,300