Jamb Accounting Past Questions For Year 2002
Question 41
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 42
Use the information below to answer question
Stock of raw materials (1st January) N3000
Direct wages N2500
Direct expenses N1000
Factory overheads N2000
Cost of raw materials used N5500
Stock of finished goods (31st December) N2000
Determine the prime cost?
- A. N7500
- B. N6500
- C. N9000
- D. N8000
Question 43
The gross profit on manufactured goods is the difference between the cost of goods manufactured and the?
- A. market value of goods produced
- B. prime cost of production
- C. indirect cost of production
- D. goods produced
Question 44
In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover?
- A. carriage outwards
- B. carriage inwards
- C. discounts received
- D. returns outwards
Question 45
Costs that vary in proportion to the level of production in a manufacturing environment are known as?
- A. control costs
- B. overheads
- C. direct costs
- D. indirect costs
