Jamb Accounts - Principles of Accounts 2013 Past Questions and Answers

Question 26:

• JAMB 2013

Opening stock of raw materials - #75,000
Purchase of raw materials - #330,000
Closing stock of raw materials - #80,000
Direct wages - #30,000
Carriages of raw materials - #10,000
Calculate the cost of raw materials used

A. #495,000
B. #415,000
C. #325,000
D. #305,000

Question 27:

• JAMB 2013

Purchase of raw materials - #330,000
Closing stock of raw materials - #80,000
Direct wages - #30,000
Carriages of raw materials - #10,000
Determine the prime cost

A. #525,000
B. #515,000
C. #465,000
D. #370,000

Question 28:

• JAMB 2013

In manufacturing account, the work-in-progress at the end of the year is

A. Deducted from the cost of goods completed during this year
B. Added to the cost of goods completed
C. Stated in the profit and loss account
D. Stated in the prime cost section

Question 29:

• JAMB 2013

Which of the following is accounted for in receipts and payment account

A. Subscriptions recieved in advance
B. Subscriptions due not yet recieved
C. Accrued expenses on annual dances
D. Depreciation of the club house

Question 30:

• JAMB 2013

Which of the following expenses relates to the profit and loss account of a manufacturing firm

A. Direct materials
B. Direct labour
C. Administrative overhead
D. Work-in-progress