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

Question 11:

• JAMB 2013

The addition of prime cost, indirect cost and opening work-in-progress less the closing work-in-progress will result in cost of

A. Goods available for sale
B. Goods sold
C. Goods manufactured
D. Materials put into production

Question 12:

• 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 13:

• 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 14:

• 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 15:

• JAMB 2018

Which of the following is a conversion cost?

A. Factory overhead
B. Purchases
C. Material cost
D. Wages