Jamb Accounts - Principles of Accounts Questions
Question 206:
In dealing with incomplete records, fixed assets are posted to?
- A Opening profit and loss as brought forward figures
- B Closing balance sheet as carried forward figures
- C Closing balance sheets as brought forward figures
- D Closing profit and loss as brought forward figures
Question 207:
When the factory cost of production has been ascertained, manufactured goods are transferred to trading account by?
- A Debting manufacturing account and crediting trading acccount
- B Crditing sales account and debtiting trading account
- C Debiting sales account and crediting trading account
- D Crediting manufacturing account and debiting trading account
Question 208:
Lawal and co makes blocks and sell to builders.
In computing prime cost, which of the following costs would be considered appropriate?
- 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
Question 209:
Manufacturing costs can be classified based on?
- 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
Question 210:
The difference between the factory cost of production and the prime cost of production is?
- A Direct materials
- B Direct labour
- C Selling expenses
- D Overhead