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

Question 1:

• JAMB 1994

The term "accounting period" is used to refer to the

A. Time span during which taxes are paid to the inland revenue board
B. Budget period, usually one year, relied on by the accountant
C. Time span, usually one year, covered by financial statement
D. Period within which debtors are expected to settle accounts

Question 2:

• JAMB 1995

The factory cost of producing goods is made up of

A. Prime cost and factory overhead
B. Prime cost and office overhead
C. Raw materials consumed and fixed cost
D. Raw materials and administrative overhead

Question 3:

• JAMB 1997

The understatement of closing value of work-in-process would have the effect of?

A. Understating cost of goods manufactured
B. Overstating prime cost of manufactured
C. Overstating cost of goods manufactured
D. Undersating prime cost of goods manufactured

Question 4:

• 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 5:

• 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