Accounts - Principles of Accounts Past Questions

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2196

Given: N
Direct material - 10 000
Direct labour - 5000
Direct expenses - 2000
Factory overhead - 4000
What is the prime cost?

A. N21 000
B. N 17 000
C. N 15 000
D. N 6 000

View Answer & Discuss (1) JAMB 1997

2197

The difference between a trading account and a manufacturing account is that while the manufacturing account

A. has no particular period, the trading account has
B. does not consider the cost of goods involved, the trading account does
C. is concerned with the cost of production, the trading account is not
D. is not concerned with the stock of raw materials the rading account is

View Answer & Discuss JAMB 1997

2198

An income and expenditure account is a summary of

A. all income and expenditure during a period
B. revenue income and expenditure during a period
C. receipts and payments during a period
D. the trading income a period

View Answer & Discuss JAMB 1997

2199

Additional information :
1: 1: 93 31 : 12 : 93
N N
Subscription in arrears 300 450
Furniture 7000
Subscription received
in advance 500 400
Rate owing 50 60

Subscription relating to the accounting year 1993 in the income and expenditure account is

A. N 15 050
B. N 14 550
C. N14 300
D. N 13 400

View Answer & Discuss (2) JAMB 1997

2200

Accumulated fund on 1st January 1993 is

A. N 8 570
B. N8 470
C. N 850
D. N7 520

View Answer & Discuss JAMB 1997

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Accounts - Principles of Accounts Past Questions

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