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WAEC Accounts (Principles of Accounts) questions: Manufacturing accounts

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

AllJAMBWAEC
All topicsAccounting concepts and conventions · 17Accounts of not-for-profit organisations · 14Accruals, prepayments and provisions · 17Bank reconciliation statements · 16Branch and departmental accounts · 16Company accounts · 15Control accounts · 15Depreciation of non-current assets · 17Double entry and the ledger · 19Final accounts of a sole trader · 19Incomplete records · 15Manufacturing accounts · 14Nature and purpose of accounting · 14Partnership accounts · 15Petty cash and the imprest system · 14Public sector accounting · 14Source documents and books of original entry · 14The cash book and discounts · 16The trial balance and errors · 16

  1. Question 1· Manufacturing accounts· WAEC

    Work in progress refers to

    Explanation and discussion

  2. Question 2· Manufacturing accounts· WAEC

    Transferring finished goods from the factory at cost plus a percentage produces a

    Explanation and discussion

  3. Question 3· Manufacturing accounts· WAEC

    Which of these is a factory overhead?

    Explanation and discussion

  4. Question 4· Manufacturing accounts· WAEC

    Direct materials ₦150,000, direct labour ₦90,000, direct expenses ₦10,000 and factory overheads ₦60,000. With no work in progress, find the cost of production.

    Explanation and discussion

  5. Question 5· Manufacturing accounts· WAEC

    In a manufacturing account, work in progress is

    Explanation and discussion

  6. Question 6· Manufacturing accounts· WAEC

    Prime cost is the total of

    Explanation and discussion

  7. Question 7· Manufacturing accounts· WAEC

    Prime cost consists of

    Explanation and discussion

  8. Question 8· Manufacturing accounts· WAEC

    Factory rent is part of

    Explanation and discussion

  9. Question 9· Manufacturing accounts· WAEC

    Factory rent is classified as

    Explanation and discussion

  10. Question 10· Manufacturing accounts· WAEC

    Wages of machine operators who make the product are

    Explanation and discussion

  11. Question 11· Manufacturing accounts· WAEC

    Prime cost ₦200,000; factory overheads ₦50,000; opening work in progress ₦10,000; closing work in progress ₦15,000. Cost of production is

    Explanation and discussion

  12. Question 12· Manufacturing accounts· WAEC

    Direct materials ₦40,000, direct labour ₦25,000, direct expenses ₦5,000. Prime cost is

    Explanation and discussion

  13. Question 13· Manufacturing accounts· WAEC

    Royalties paid to the owner of a patent per unit produced are

    Explanation and discussion

  14. Question 14· Manufacturing accounts· WAEC

    The cost of production is transferred to the

    Explanation and discussion

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