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

Question 66:

• JAMB 2015

Prime cost is one of the following

A. Expenses which can be identified with an allocated to cost centers
B. Aggregate direct material cost, direct labour cost and variable direct expenses
C. The cost taken into account in the production process whether direct or indirect
D. The cost of commodities supply to an undertaking

Question 67:

• JAMB 2015

The process of cost apportionment is carried out so that

A. Indirect costs may be controlled
B. Cost units could gather overhead as they pass through cost centres
C. Variable costs may be controlled
D. Common costs are shared among cost centres

Question 68:

• JAMB 2015

Use the information below to answer this question.
\(\begin{array}{c|c}
\text{Raw materials jan.} & 5,000 \\
\hline
\text{Raw materials dec.} & 5,800 \\
\hline
\text{Purchase of raw materials} & 45,000 \\
\hline
\text{Salary} & 61,000 \\
\hline
\text{Factory lubricant} & 2,050 \\
\hline
\text{plant depreciation} & 1,300 \\
\hline
\text{Factory insurance} & 1,250 \\
\end{array}\)
The prime cost for the company is

A. N169, 200
B. N44, 200
C. N55, 800
D. N230, 200

Question 69:

• JAMB 2016

Which of the following expenses relate to the profit and loss account of a manufacturing firm?

A. Administrative overhead
B. Direct labour
C. Direct materials
D. Work-in-progress

Question 70:

• JAMB 2017

In manufacturing account, depreciation of office machine is charged to

A. Trading account
B. Appropriation account
C. Balance street
D. Profit and loss account