Accounts - Principles of Accounts Past Questions and Answers

Given:
Prime cost N220,000
Factory cost N32,000
work in progress at beginning N25,000
work in progress at close N19,000
Administrative expenses N21,000
Determine the production cost

A N296,000
B N277,000
C N258,000
D N246,000

Question 57:

The factory cost of producing goods is made up of

A Prime cost and factory overhead
B Prime cost and office overhead
C Raw materials consumed and fixed cost
D Raw materials and administrative overhead

Question 58:

The following information is provided for amusa company limited , a manufacturer
Prime cost N999,000
Manufacturing overhead N132,000
Closing work in progress N75,000
values of finished goods transferred to the
trading account N1,116,000
If including in the manufacturing overhead were rents of N5,000 paid in advance, what is the opening work in progress for the period?

A N85,000
B N80,000
C N70,000
D N65,000

Question 59:

Subscription in arrears are

A Credited to the income and expenditure account and shown as a liability in the balance sheet
B Debited to the income and expenditure account and shown as an asset in the balance sheet
C Credited to the income and expenditure account and shown as a liability in the balance sheet
D Debited to the income and expenditure account and shown as a liability in the balance sheet

Question 60:

Where a non-profit making organization prepares the account using accruals basis of reporting, the statement showing how well the organization is doing is the

A Appropriation account
B Balance sheet
C Income and expenditure account
D Receipts and payment account