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JAMB Accounts (Principles of Accounts) questions

312 questions with answers and explanations. Tap an option to check yourself.

AllJAMBWAEC
All topicsAccounting concepts and conventions · 18Accounts of not-for-profit organisations · 15Accruals, prepayments and provisions · 17Bank reconciliation statements · 15Branch and departmental accounts · 13Company accounts · 18Control accounts · 15Depreciation of non-current assets · 17Double entry and the ledger · 19Final accounts of a sole trader · 20Incomplete records · 16Manufacturing accounts · 15Nature and purpose of accounting · 15Partnership accounts · 19Petty cash and the imprest system · 12Public sector accounting · 16Source documents and books of original entry · 16The cash book and discounts · 17The trial balance and errors · 19

  1. Question 181· Incomplete records· JAMB

    Purchases can be found from incomplete records using the

    Explanation and discussion

  2. Question 182· Incomplete records· JAMB

    Goods are sold at a margin of 20% on selling price. If sales are ₦500,000, the gross profit is

    Explanation and discussion

  3. Question 183· Incomplete records· JAMB

    A trader's cost of goods sold was ₦300,000 and she adds a mark-up of 25% on cost. Her sales were

    Explanation and discussion

  4. Question 184· Manufacturing accounts· JAMB

    Depreciation of factory machinery is charged to the

    Explanation and discussion

  5. Question 185· Manufacturing accounts· JAMB

    Direct materials consumed are found as

    Explanation and discussion

  6. Question 186· Manufacturing accounts· JAMB

    Direct materials ₦150,000; direct labour ₦90,000; direct expenses ₦10,000; factory overheads ₦60,000. The prime cost is

    Explanation and discussion

  7. Question 187· Manufacturing accounts· JAMB

    Work in progress means

    Explanation and discussion

  8. Question 188· Manufacturing accounts· JAMB

    Depreciation of factory machinery is a

    Explanation and discussion

  9. Question 189· Manufacturing accounts· JAMB

    Which of the following is a factory overhead?

    Explanation and discussion

  10. Question 190· Manufacturing accounts· JAMB

    Salaries of factory supervisors are

    Explanation and discussion

  11. Question 191· Manufacturing accounts· JAMB

    Prime cost ₦300,000; factory overheads ₦70,000; opening WIP ₦25,000; closing WIP ₦40,000. Cost of production is

    Explanation and discussion

  12. Question 192· Manufacturing accounts· JAMB

    Raw materials consumed ₦120,000; direct wages ₦80,000; direct expenses ₦10,000. Prime cost is

    Explanation and discussion

  13. Question 193· Manufacturing accounts· JAMB

    Royalties paid for each unit produced are

    Explanation and discussion

  14. Question 194· Manufacturing accounts· JAMB

    Extract from the books of Zenith Furniture Ltd: Direct materials used ₦120,000 · Direct labour ₦80,000 · Direct expenses ₦10,000 · Factory overheads ₦40,000 · Work in progress at start ₦15,000 · Work in progress at end ₦25,000

    What is the prime cost?

    Explanation and discussion

  15. Question 195· Manufacturing accounts· JAMB

    Opening raw materials ₦30,000, purchases ₦200,000 and closing raw materials ₦25,000. Find the raw materials consumed.

    Explanation and discussion

  16. Question 196· Manufacturing accounts· JAMB

    Total factory cost is ₦400,000, opening work in progress ₦20,000 and closing work in progress ₦30,000. Find the cost of production.

    Explanation and discussion

  17. Question 197· Manufacturing accounts· JAMB

    Factory profit is added to the cost of production when goods are transferred

    Explanation and discussion

  18. Question 198· Manufacturing accounts· JAMB

    Extract from the books of Zenith Furniture Ltd: Direct materials used ₦120,000 · Direct labour ₦80,000 · Direct expenses ₦10,000 · Factory overheads ₦40,000 · Work in progress at start ₦15,000 · Work in progress at end ₦25,000

    What is the cost of production?

    Explanation and discussion

  19. Question 199· Nature and purpose of accounting· JAMB

    A business has assets of ₦850,000 and liabilities of ₦320,000. Its capital is

    Explanation and discussion

  20. Question 200· Nature and purpose of accounting· JAMB

    The person who examines a company's accounts and reports whether they give a true and fair view is the

    Explanation and discussion

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