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Jamb Accounts - Principles of Accounts Past QuestionsQuestion 356:Stock or raw materials(1st January) 3000 Direct wages 2500 Direct expenses 1000 Factory overheads 2000 Cost of raw materials used 5500 Stock of finished goods (31st December) 2000 The cost of goods manufactured is? A. N11000 B. N12000 C. N14000 D. N9000 Question 357:(i)Orientation (ii) Entity (iii)Legal status (iv)Finance. Which of the characteristics above distinguishes a profit-making from a not-for-profit-making organizations? A. I, ii, iii and iv B. I, ii, and iii C. Ii, and iii D. I and ii Question 358:Use the information below to answer questions Adex Ltd. issues stock to its retail branches at cost price. The following particulars relate to Ede branch. Stock at branch 1st January at cost............N400 Goods sent to branch at cost...................N8000 Returns to head ...............................N340 Cash sales ....................................N9160 Stock at branch 31st December at cost..........N720 What is the gross profit carried to the profit and loss account? A. N1820 B. N1640 C. N1530 D. N1870 Question 359:Use the information below to answer questions Adex Ltd. issues stock to its retail branches at cost price. The following particulars relate to Ede branch. Stock at branch 1st January at cost............N400 Goods sent to branch at cost...................N8000 Returns to head ...............................N340 Cash sales ....................................N9160 Stock at branch 31st December at cost..........N720 Calculate the cost of goods credited to the head office trading account? A. N7660 B. N7500 C. N7460 D. N7200 Question 360:Nasara Manufacturing Plc has three direct labour employees that work 40 hours each a week for 50 weeks a year. Factory overhead costs of N60,000 is distributed on the basis of direct labour hours. Compute the overhead rate? A. N12 per hour B. N16 per hour C. N10 per hour D. N15 per hour |
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