Jamb Accounts - Principles of Accounts 2002 Past Questions and Answers

Question 16:

• JAMB 2002

In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover?

A. Carriage outwards
B. Carriage inwards
C. Discounts received
D. Returns outwards

Question 17:

• JAMB 2002

The gross profit on manufactured goods is the difference between the cost of goods manufactured and the?

A. Market value of goods produced
B. Prime cost of production
C. Indirect cost of production
D. Goods produced

Question 18:

• JAMB 2002

Use the information below to answer question
Stock of raw materials (1st January) N3000
Direct wages N2500
Direct expenses N1000
Factory overheads N2000
Cost of raw materials used N5500
Stock of finished goods (31st December) N2000
Determine the prime cost?

A. N7500
B. N6500
C. N9000
D. N8000

Question 19:

• JAMB 2002

Stock or raw materials(1st January) 3000
Direct wages 2500
Direct expenses 1000
Factory overheads 2000
Cost of raw materials used 5500
Stock of finished goods (31st December) 2000
The cost of goods manufactured is?

A. N11000
B. N12000
C. N14000
D. N9000

Question 20:

• JAMB 2002

(i)Orientation (ii) Entity (iii)Legal status
(iv)Finance.
Which of the characteristics above distinguishes a profit-making from a not-for-profit-making organizations?

A. I, ii, iii and iv
B. I, ii, and iii
C. Ii, and iii
D. I and ii