JAMB and WAEC Accounts (Principles of Accounts) questions

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

All JAMB WAEC

Question 361· Incomplete records· WAEC
Sales are ₦80,000 and the margin is 25% on sales. Gross profit is
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Answer: B. ₦20,000
Explanation and discussion
Question 362· 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
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Answer: D. ₦375,000
Explanation and discussion
Question 363· Incomplete records· WAEC
A trader adds 25% to cost. Cost of sales is ₦160,000. Find the sales.
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Answer: C. ₦200,000
Explanation and discussion
Question 364· Manufacturing accounts· JAMB
Depreciation of factory machinery is charged to the
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Answer: D. manufacturing account
Explanation and discussion
Question 365· Manufacturing accounts· WAEC
Work in progress refers to
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Answer: B. partly finished goods
Explanation and discussion
Question 366· Manufacturing accounts· JAMB
Direct materials consumed are found as
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Answer: A. opening stock of raw materials + purchases − closing stock of raw materials
Explanation and discussion
Question 367· Manufacturing accounts· WAEC
Transferring finished goods from the factory at cost plus a percentage produces a
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Answer: D. manufacturing profit
Explanation and discussion
Question 368· Manufacturing accounts· WAEC
Which of these is a factory overhead?
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Answer: D. factory rent
Explanation and discussion
Question 369· Manufacturing accounts· JAMB
Direct materials ₦150,000; direct labour ₦90,000; direct expenses ₦10,000; factory overheads ₦60,000. The prime cost is
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Answer: D. ₦250,000
Explanation and discussion
Question 370· Manufacturing accounts· JAMB
Work in progress means
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Answer: A. goods partly manufactured at the end of the period
Explanation and discussion
Question 371· Manufacturing accounts· JAMB
Depreciation of factory machinery is a
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Answer: A. factory overhead
Explanation and discussion
Question 372· Manufacturing accounts· JAMB
Which of the following is a factory overhead?
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Answer: A. Depreciation of factory machinery
Explanation and discussion
Question 373· 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.
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Answer: A. ₦310,000
Explanation and discussion
Question 374· Manufacturing accounts· JAMB
Salaries of factory supervisors are
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Answer: A. factory overheads
Explanation and discussion
Question 375· Manufacturing accounts· JAMB
Prime cost ₦300,000; factory overheads ₦70,000; opening WIP ₦25,000; closing WIP ₦40,000. Cost of production is
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Answer: C. ₦355,000
Explanation and discussion
Question 376· Manufacturing accounts· WAEC
In a manufacturing account, work in progress is
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Answer: B. partly finished goods
Explanation and discussion
Question 377· Manufacturing accounts· WAEC
Prime cost is the total of
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Answer: B. direct materials, direct labour and direct expenses
Explanation and discussion
Question 378· Manufacturing accounts· WAEC
Prime cost consists of
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Answer: A. direct materials, direct labour and direct expenses
Explanation and discussion
Question 379· Manufacturing accounts· JAMB
Raw materials consumed ₦120,000; direct wages ₦80,000; direct expenses ₦10,000. Prime cost is
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Answer: A. ₦210,000
Explanation and discussion
Question 380· Manufacturing accounts· WAEC
Factory rent is part of
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Answer: D. factory overheads
Explanation and discussion

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JAMB and WAEC Accounts (Principles of Accounts) questions

Sales are ₦80,000 and the margin is 25% on sales. Gross profit is

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

A trader adds 25% to cost. Cost of sales is ₦160,000. Find the sales.

Depreciation of factory machinery is charged to the

Work in progress refers to

Direct materials consumed are found as

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

Which of these is a factory overhead?

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

Work in progress means

Depreciation of factory machinery is a

Which of the following is a factory overhead?

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.

Salaries of factory supervisors are

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

In a manufacturing account, work in progress is

Prime cost is the total of

Prime cost consists of

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

Factory rent is part of