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

Question 61:

• 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 62:

• 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 63:

• 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 64:

• 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

Question 65:

• JAMB 2013

i. Direct materials
ii.Direct labour
iii.Direct expenses
iv. Factory expenses
Prime cost consist of

A. I, ii and iii
B. I, ii and iv
C. I, iii and iv
D. Ii, iii and iv