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Accounts - Principles of Accounts Past Questions and Answers

Jamb Accounts - Principles of Accounts Questions

Question 26:

The product cost that does not form part of the product but is incidental to product and facilitates the production activities is the?

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A Prime cost
B Indirect cost
C Total cost
D Direct cost

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Question 27:

Work-in-progress is the?

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A Value of party finished goods
B Value of finished goods sold
C Sales less cost of goods sold
D Value of goods produced

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Question 28:

The major festure of not-for-profit-making-organization is that they are formed?

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A To use accumulated fund to described the net amount owed to members
B Mainly to improve the welfare of her member
C To engaged in trading activities to sponsor its activities
D In order to compute the receipts and payment account

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Question 29:

The subscription paid in advance is treated in the balance sheet of a club as?

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A A surplus
B A liability
C A deflicit
D An asset

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Question 30:

The capital of not-for-profit-making organization is referred to as?

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A Entity fund
B Capital owned
C Accumulated fund
D Capital employed

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