Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 206:

• JAMB 1999

In dealing with incomplete records, fixed assets are posted to?

A. Opening profit and loss as brought forward figures
B. Closing balance sheet as carried forward figures
C. Closing balance sheets as brought forward figures
D. Closing profit and loss as brought forward figures

Question 207:

• 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 208:

• 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

Question 209:

• 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 210:

• 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