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JAMB and WAEC Accounts (Principles of Accounts) questions: Manufacturing accounts

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

AllJAMBWAEC
All topicsAccounting concepts and conventions · 35Accounts of not-for-profit organisations · 29Accruals, prepayments and provisions · 34Bank reconciliation statements · 31Branch and departmental accounts · 29Company accounts · 33Control accounts · 30Depreciation of non-current assets · 34Double entry and the ledger · 38Final accounts of a sole trader · 39Incomplete records · 31Manufacturing accounts · 29Nature and purpose of accounting · 29Partnership accounts · 34Petty cash and the imprest system · 26Public sector accounting · 30Source documents and books of original entry · 30The cash book and discounts · 33The trial balance and errors · 35

  1. Question 1· Manufacturing accounts· JAMB

    Depreciation of factory machinery is charged to the

    Explanation and discussion

  2. Question 2· Manufacturing accounts· WAEC

    Work in progress refers to

    Explanation and discussion

  3. Question 3· Manufacturing accounts· JAMB

    Direct materials consumed are found as

    Explanation and discussion

  4. Question 4· Manufacturing accounts· WAEC

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

    Explanation and discussion

  5. Question 5· Manufacturing accounts· WAEC

    Which of these is a factory overhead?

    Explanation and discussion

  6. Question 6· 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 7· Manufacturing accounts· JAMB

    Work in progress means

    Explanation and discussion

  8. Question 8· Manufacturing accounts· JAMB

    Depreciation of factory machinery is a

    Explanation and discussion

  9. Question 9· Manufacturing accounts· JAMB

    Which of the following is a factory overhead?

    Explanation and discussion

  10. Question 10· 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

  11. Question 11· Manufacturing accounts· JAMB

    Salaries of factory supervisors are

    Explanation and discussion

  12. Question 12· 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

  13. Question 13· Manufacturing accounts· WAEC

    In a manufacturing account, work in progress is

    Explanation and discussion

  14. Question 14· Manufacturing accounts· WAEC

    Prime cost is the total of

    Explanation and discussion

  15. Question 15· Manufacturing accounts· WAEC

    Prime cost consists of

    Explanation and discussion

  16. Question 16· Manufacturing accounts· JAMB

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

    Explanation and discussion

  17. Question 17· Manufacturing accounts· WAEC

    Factory rent is part of

    Explanation and discussion

  18. Question 18· Manufacturing accounts· JAMB

    Royalties paid for each unit produced are

    Explanation and discussion

  19. Question 19· Manufacturing accounts· WAEC

    Factory rent is classified as

    Explanation and discussion

  20. Question 20· 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

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