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

Question 6:

• JAMB 1997

Emeka Manufacturing Company (Extract) Manufacturing Account.
Direct material.....................N5 000
Direct labour.......................N4 500
Direct expenses.....................N3 000
Factory overhead....................N2 500
Selling distribution................N1 500
Calculating the production cost?

A. N16 500
B. N15 000
C. N14 000
D. N12 500

Question 7:

• JAMB 1997

Given: N
Direct material - 10 000
Direct labour - 5000
Direct expenses - 2000
Factory overhead - 4000
What is the prime cost?

A. N21 000
B. N 17 000
C. N 15 000
D. N 6 000

Question 8:

• JAMB 1997

The difference between a trading account and a manufacturing account is that while the manufacturing account

A. Has no particular period, the trading account has
B. Does not consider the cost of goods involved, the trading account does
C. Is concerned with the cost of production, the trading account is not
D. Is not concerned with the stock of raw materials the rading account is

Question 9:

• JAMB 1999

When the factory cost of production has been ascertained, manufactured goods are transferred to trading account by?

A. Debting manufacturing account and crediting trading acccount
B. Crditing sales account and debtiting trading account
C. Debiting sales account and crediting trading account
D. Crediting manufacturing account and debiting trading account

Question 10:

• JAMB 1999

Lawal and co makes blocks and sell to builders.
In computing prime cost, which of the following costs would be considered appropriate?

A. Cement, sand and carriage outwards
B. Water carriage inwards and cement
C. Sales boys'wages, cement and sand
D. Carriage outwards,carriage inwards and cement