Preparation of manufacturing account - Jamb Accounts - Principles of Accounts Past Questions and Answers

Question 41:

• JAMB 2010

The prime cost is the total of the?

A. Production cost + selling expenses
B. Direct material + direct labour + direct expenses
C. Direct material + work overhead expenses
D. Administrative expenses + selling + distribution expenses

Question 42:

• JAMB 2011

The cost that are directly traceable to the the goods being produced is?

A. Party manufactured goods
B. Overhead cost
C. Total factory expenses
D. Prime cost

Question 43:

• JAMB 2012

In manufacturing accounts, finance expenses are charged to the

A. Departmental account
B. Trading acount
C. Profit and loss account
D. Balance sheet

Question 44:

• JAMB 2012

Total production cost- #360,000
Factory overhead cost- #56,000
Selling price per unit- # 120
Production volume 4000 units
What is the total manufacturing profit?

A. #64,000
B. #120,000
C. #360,000
D. #480,000

Question 45:

• JAMB 2012

Total production cost- #360,000
Factory overhead cost- #56,000
Selling price per unit- # 120
Production volume 4000 units
Determine the value of prime cost

A. #416,000
B. #304,000
C. #240,000
D. #184,000