Jamb Accounting Past Questions For Year 2013
Question 21
Opening stock of raw materials - #75,000
Purchase of raw materials - #330,000
Closing stock of raw materials - #80,000
Direct wages - #30,000
Carriages of raw materials - #10,000
Calculate the cost of raw materials used
- A. #495,000
- B. #415,000
- C. #325,000
- D. #305,000
Question 22
The addition of prime cost, indirect cost and opening work-in-progress less the closing work-in-progress will result in cost of
- A. goods available for sale
- B. goods sold
- C. goods manufactured
- D. materials put into production
Question 23
When goods produced are transferred at cost plus mark-up sale, the difference between the cost and the transferred price is a
- A. discount
- B. sales commission
- C. manufacturing profit
- D. factory reserves
Question 24
Given:
Drawings - #3,500
Net loss - #2,500
Capital 1/1/2007 - #35,000
Additional capital - #10,000
The adjusted capital as at 31/1/2007 is
- A. #35,000
- B. #39,000
- C. #45,000
- D. #46,000
Question 25
The estimated profit or loss for a period is calculated by
- A. closing capital less opening capital add drawings
- B. opening capital less closing capital add drawings
- C. opening capital less drawings add closing capital
- D. opening capital add closing add drawings
