Manufacturing Accounts - 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 1995

Given:
Prime cost N220,000
Factory cost N32,000
work in progress at beginning N25,000
work in progress at close N19,000
Administrative expenses N21,000
Determine the production cost

A. N296,000
B. N277,000
C. N258,000
D. N246,000

Question 3:

• JAMB 1995

The factory cost of producing goods is made up of

A. Prime cost and factory overhead
B. Prime cost and office overhead
C. Raw materials consumed and fixed cost
D. Raw materials and administrative overhead

Question 4:

• JAMB 1995

The following information is provided for amusa company limited , a manufacturer
Prime cost N999,000
Manufacturing overhead N132,000
Closing work in progress N75,000
values of finished goods transferred to the
trading account N1,116,000
If including in the manufacturing overhead were rents of N5,000 paid in advance, what is the opening work in progress for the period?

A. N85,000
B. N80,000
C. N70,000
D. N65,000

Question 5:

• JAMB 1997

The understatement of closing value of work-in-process would have the effect of?

A. Understating cost of goods manufactured
B. Overstating prime cost of manufactured
C. Overstating cost of goods manufactured
D. Undersating prime cost of goods manufactured