JAMB and WAEC Accounts (Principles of Accounts) questions

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Question 381· Manufacturing accounts· JAMB
Royalties paid for each unit produced are
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Answer: A. direct expenses
Explanation and discussion
Question 382· Manufacturing accounts· WAEC
Factory rent is classified as
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Answer: C. a factory overhead
Explanation and discussion
Question 383· 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?
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Answer: D. ₦210,000
Explanation and discussion
Question 384· Manufacturing accounts· WAEC
Wages of machine operators who make the product are
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Answer: D. direct labour
Explanation and discussion
Question 385· Manufacturing accounts· JAMB
Opening raw materials ₦30,000, purchases ₦200,000 and closing raw materials ₦25,000. Find the raw materials consumed.
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Answer: C. ₦205,000
Explanation and discussion
Question 386· 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
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Answer: A. ₦245,000
Explanation and discussion
Question 387· 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.
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Answer: C. ₦390,000
Explanation and discussion
Question 388· Manufacturing accounts· WAEC
Direct materials ₦40,000, direct labour ₦25,000, direct expenses ₦5,000. Prime cost is
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Answer: A. ₦70,000
Explanation and discussion
Question 389· Manufacturing accounts· WAEC
Royalties paid to the owner of a patent per unit produced are
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Answer: D. direct expenses
Explanation and discussion
Question 390· Manufacturing accounts· JAMB
Factory profit is added to the cost of production when goods are transferred
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Answer: C. at a market value above cost
Explanation and discussion
Question 391· 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?
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Answer: C. ₦240,000
Explanation and discussion
Question 392· Manufacturing accounts· WAEC
The cost of production is transferred to the
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Answer: D. trading account
Explanation and discussion
Question 393· Nature and purpose of accounting· WAEC
Which of these is an external user of accounting information?
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Answer: A. a bank considering a loan
Explanation and discussion
Question 394· Nature and purpose of accounting· WAEC
The person who checks the accounts of a company and reports whether they show a true and fair view is the
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Answer: B. auditor
Explanation and discussion
Question 395· Nature and purpose of accounting· WAEC
Book-keeping is the
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Answer: B. recording of financial transactions
Explanation and discussion
Question 396· Nature and purpose of accounting· JAMB
A business has assets of ₦850,000 and liabilities of ₦320,000. Its capital is
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Answer: D. ₦530,000
Explanation and discussion
Question 397· 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
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Answer: D. auditor
Explanation and discussion
Question 398· Nature and purpose of accounting· JAMB
Which of the following users relies on accounting information mainly to decide whether to grant a loan?
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Answer: A. Bank managers
Explanation and discussion
Question 399· Nature and purpose of accounting· JAMB
Accounting is best described as the process of
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Answer: B. recording, classifying, summarising and interpreting financial transactions
Explanation and discussion
Question 400· Nature and purpose of accounting· JAMB
The main objective of financial accounting is to
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Answer: A. provide information on a business's performance and position to its users
Explanation and discussion

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JAMB and WAEC Accounts (Principles of Accounts) questions

Royalties paid for each unit produced are

Factory rent is classified as

What is the prime cost?

Wages of machine operators who make the product are

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

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

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

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

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

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

What is the cost of production?

The cost of production is transferred to the

Which of these is an external user of accounting information?

The person who checks the accounts of a company and reports whether they show a true and fair view is the

Book-keeping is the

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

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

Which of the following users relies on accounting information mainly to decide whether to grant a loan?

Accounting is best described as the process of

The main objective of financial accounting is to