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Accounts - Principles of Accounts Past Questions and Answers

Jamb Accounts - Principles of Accounts Questions

Question 21:

Lawal and co makes blocks and sell to builders.
In computing prime cost, which of the following costs would be considered appropriate?

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A Cement, sand and carriage outwards
B Water carriage inwards and cement
C Sales boys'wages, cement and sand
D Carriage outwards,carriage inwards and cement

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Question 22:

Manufacturing costs can be classified based on?

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A Timing of charges degree of averaging and size of capital
B Degree of averaging, ease of traceability and timing of charges
C Degree of averaging, size of floor space occupied and cost accounts
D Number of employees, timing of charges and management style

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Question 23:

The difference between the factory cost of production and the prime cost of production is?

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A Direct materials
B Direct labour
C Selling expenses
D Overhead

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Question 24:

Receipt and payments account of a non-profit making organization is principally a summary of the?

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A Bak entries
B Cash bok entries
C Expenditure entries
D Balance sheet entries

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Question 25:

Given:
Club N150
Cash sales N4,850
Club debtors at close N900
Cash received from debtors N550
What is the amount of club sales?

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A N6,150
B N4,850
C N4,650
D N1,300

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