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

Question 11:

• JAMB 1999

Manufacturing costs can be classified based on?

A. Timing of charges degree of averaging and size of capital
B. Degree of averaging, ease of traceability and timing of charges
C. Degree of averaging, size of floor space occupied and cost accounts
D. Number of employees, timing of charges and management style

Question 12:

• JAMB 1999

The difference between the factory cost of production and the prime cost of production is?

A. Direct materials
B. Direct labour
C. Selling expenses
D. Overhead

Question 13:

• JAMB 2000

In a manufacturing company, the total cost of goods produced is equivalent to?

A. Purchases
B. Sales
C. Cost of goods sold
D. Cost of materials used

Question 14:

• JAMB 2000

A fixed cost is fixed only in relation to?

A. The quality of goods produced
B. The quantity of goods sold
C. A given period of time and a range of activities
D. A given period of time and the nature of activity

Question 15:

• JAMB 2000

Given:
Depreciation of plant and machinery N1,600
Factory rent N650
Indirect wages N695
General indirect expenses N726
lubricants N1235
Carriage inwards N829
Factory power N350
Bank charges N612
Carriage outwards N2,900
Determine the total factory overhead cost?

A. N4,485
B. N5,256
C. N6,085
D. N6,556