Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 811:

• JAMB 2011

Use the information below to answer questions 23 and 24.
Incomplete Record (Extract)
Sales......................................N10,600
Rent...........................N200
Depreciation of vehicle (cost N5000) 10%
Gross profit margin is 20%
What is the cost of goods sold?

A. N4 800
B. N8 480
C. N2 320
D. N 9 900

Question 812:

• JAMB 2011

Calculate the net profit?

A. N1 620
B. N1 920
C. N1 420
D. 2 120

Question 813:

• JAMB 2011

The cost that are directly traceable to the the goods being produced is?

A. Party manufactured goods
B. Overhead cost
C. Total factory expenses
D. Prime cost

Question 814:

• JAMB 2011

The product cost that does not form part of the product but is incidental to product and facilitates the production activities is the?

A. Prime cost
B. Indirect cost
C. Total cost
D. Direct cost

Question 815:

• 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