Jamb Accounts - Principles of Accounts 2023 Past Questions and Answers

Question 76:

• JAMB 2023

	₦
Manufacturing wages	42,000
Factory rent	880
Raw materials: Stock 1/1/16	1,000
Purchases	16,000
Stock 31/12/16	1,400
Depreciation of Plants and Machinery	800
Royalties	300
Indirect wages	18,000
General indirect expenses	620

Calculate the cost of raw materials consumed ____________

A. ₦15,600
B. ₦17,000
C. ₦42,000
D. ₦20,300

Question 77:

• JAMB 2023

	₦
Manufacturing wages	42000
Factory rent	880
Raw materials: Stock 1/1/16	1000
Purchases	16000
Stock 31/12/16	1400
Depreciation of Plants and Machinery	800
Royalties	300
Indirect wages	18,000
General indirect expenses	620

The prime cost is ____________

A. ₦57,900
B. ₦42,000
C. ₦45,000
D. ₦78,200

Question 78:

• JAMB 2023

	₦
Manufacturing wages	42,000
Factory rent	880
Raw materials: Stock 1/1/16	1,000
Purchases	16,000
Stock 31/12/16	1,400
Depreciation of Plants and Machinery	800
Royalties	300
Indirect wages	18,000
General indirect expenses	620

What is the value of the indirect manufacturing cost?

A. ₦57,900
B. ₦18,200
C. ₦20,300
D. ₦23,000

Question 79:

• JAMB 2023

Current assets are shown in the balance sheet in order of performance as ____________

A. Debtors, stock, bank and cash
B. Stock, debtors, bank and cash
C. Stock, bank, debtors and cash
D. Debtors, stock, cash and bank

Question 80:

• JAMB 2023

Which of the following is found on the credit side of a profit and loss account?

A. Advertising
B. Dividend received
C. Wages and salaries
D. Bank charges