Manufacturing Accounts - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 56:

• JAMB 2011

Work-in-progress is the?

A. Value of party finished goods
B. Value of finished goods sold
C. Sales less cost of goods sold
D. Value of goods produced

Question 57:

• JAMB 2012

In manufacturing accounts, finance expenses are charged to the

A. Departmental account
B. Trading acount
C. Profit and loss account
D. Balance sheet

Question 58:

• JAMB 2012

Total production cost- #360,000
Factory overhead cost- #56,000
Selling price per unit- # 120
Production volume 4000 units
What is the total manufacturing profit?

A. #64,000
B. #120,000
C. #360,000
D. #480,000

Question 59:

• JAMB 2012

Total production cost- #360,000
Factory overhead cost- #56,000
Selling price per unit- # 120
Production volume 4000 units
Determine the value of prime cost

A. #416,000
B. #304,000
C. #240,000
D. #184,000

Question 60:

• JAMB 2013

The addition of prime cost, indirect cost and opening work-in-progress less the closing work-in-progress will result in cost of

A. Goods available for sale
B. Goods sold
C. Goods manufactured
D. Materials put into production