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JAMB Accounts (Principles of Accounts) questions: Manufacturing accounts

15 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 1· Manufacturing accounts· JAMB

    Depreciation of factory machinery is charged to the

    Explanation and discussion

  2. Question 2· Manufacturing accounts· JAMB

    Direct materials consumed are found as

    Explanation and discussion

  3. Question 3· 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

  4. Question 4· Manufacturing accounts· JAMB

    Work in progress means

    Explanation and discussion

  5. Question 5· Manufacturing accounts· JAMB

    Depreciation of factory machinery is a

    Explanation and discussion

  6. Question 6· Manufacturing accounts· JAMB

    Which of the following is a factory overhead?

    Explanation and discussion

  7. Question 7· Manufacturing accounts· JAMB

    Salaries of factory supervisors are

    Explanation and discussion

  8. Question 8· 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

  9. Question 9· Manufacturing accounts· JAMB

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

    Explanation and discussion

  10. Question 10· Manufacturing accounts· JAMB

    Royalties paid for each unit produced are

    Explanation and discussion

  11. Question 11· 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

  12. Question 12· 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

  13. Question 13· 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

  14. Question 14· Manufacturing accounts· JAMB

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

    Explanation and discussion

  15. Question 15· 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

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