Cost apportionment - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 1:

• JAMB 1994

The term "accounting period" is used to refer to the

A. Time span during which taxes are paid to the inland revenue board
B. Budget period, usually one year, relied on by the accountant
C. Time span, usually one year, covered by financial statement
D. Period within which debtors are expected to settle accounts

Question 2:

• 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 3:

• 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 4:

• JAMB 2001

Lubricating oil and spare parts of machinery are examples of?

A. Direct materials
B. Indirect materials
C. Indirect expenses
D. Direct expenses

Question 5:

• JAMB 2005

A component of an overhead manufacturing cost is?

A. Cost of work-in-progress
B. Cost of finished goods
C. Labour
D. Rent