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Accounts - Principles of Accounts 2012 JAMB Past Questions

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21

In manufacturing accounts, finance expenses are charged to the

  • A. departmental account
  • B. trading acount
  • C. profit and loss account
  • D. balance sheet
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22

Total production cost- #360,000
Factory overhead cost- #56,000
Selling price per unit- # 120
Production volume 4000 units

What is the total manufacturing profit?

  • A. #64,000
  • B. #120,000
  • C. #360,000
  • D. #480,000
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23

Total production cost- #360,000
Factory overhead cost- #56,000
Selling price per unit- # 120
Production volume 4000 units

Determine the value of prime cost

  • A. #416,000
  • B. #304,000
  • C. #240,000
  • D. #184,000
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24

The main advantage of a departmental account is that its

  • A. expenses are shared
  • B. gross profit is computed
  • C. net profit is computed
  • D. balance sheet is obtained
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25

The excess revenue over expenditure is charged to

  • A. profit and loss
  • B. revenue account
  • C. accumulated fund
  • D. income and expenditure acccount
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