Cost apportionment - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 6:

• JAMB 2007

Use the information above to answer questions
Lighting..................N2925
Rent......................N2640
Salary....................N4050
The expenses are for three different product:
Zema, Zeta and Zera. They are appointed on the basis of population. 4500 units of the products are produced, out of which 1260 and 2060 units are for zema and zeta respectively.
The lighting charge to be apportioned to zema is?

A. N891
B. N819
C. N927
D. N975

Question 7:

• 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 8:

• 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 9:

• 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

Question 10:

• 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