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Stock or raw materials(1st January) 3000
Direct wages 2500
Direct expenses 1000
Factory overheads 2000
Cost of raw materials used 5500
Stock of finished goods (31st December) 2000
The cost of goods manufactured is?
AN11000
BN12000
CN14000
DN9000
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Question 42
jamb2002
Use the information below to answer question
Stock of raw materials (1st January) N3000
Direct wages N2500
Direct expenses N1000
Factory overheads N2000
Cost of raw materials used N5500
Stock of finished goods (31st December) N2000
Determine the prime cost?
AN7500
BN6500
CN9000
DN8000
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Question 43
jamb2002
The gross profit on manufactured goods is the difference between the cost of goods manufactured and the?
Amarket value of goods produced
Bprime cost of production
Cindirect cost of production
Dgoods produced
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Question 44
jamb2002
In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover?
Acarriage outwards
Bcarriage inwards
Cdiscounts received
Dreturns outwards
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Question 45
jamb2002
The concise statement used to explain entries in the general journal is known as?
Anarration
Bsummary
Cinformation
Dcommentary
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Question 46
jamb2002
Use the information below to answer question .
Statement of assets and liabilities as at 31st December, 2001.
Shareholders' interest N240
Current liabilities N20
Current assets N110
Fixed assets N140
What is the networking capital?
AN90m
BN70m
CN100m
DN80m
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Question 47
jamb2002
Use the information below to answer question . Statement of assets and liabilities as at 31st December, 2001. Shareholders' interest N240 Current liabilities N20 Current assets N110 Fixed assets N140
Determine the value of the trade investment?
AN8m
BN10m
CN15m
DN20m
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Question 48
jamb2002
The normal accounting entry to record the dishonor of a businessman is to?
Adebit cash book and credit suspense account
Bdebit cash book and credit drawer
Ccredit caah book and debit suspense account
Dcredit cash book and debit drawer
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Question 49
jamb2002
Use the information below to answer questions 9 and 10.
The Assets and liabilities of Udo Co.ltd. as at 31st December, 2000.
Creditors N50,000
Debtors N46,000
Loan N100,000
Stock N20,000
Motor vehicle N120,000
Building N70,000
Accrued wages 30,000
Bank N25 ,000
The liabilities of Udo Co. Ltd is?
AN180,000
BN181,000
CN177,000
DN110,000
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Question 50
jamb2002
Use the information below to answer questions
The Assets and liabilities of Udo Co.ltd. as at 31st December, 2000.
Creditors N50,000
Debtors N46,000
Loan N100,000
Stock N20,000
Motor vehicle N120,000
Building N70,000
Accrued wages 30,000
Bank N25 ,000
The value of capital invested by the owners is?
AN110,000
BN105,000
CN101,000
DN100,000
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Question 51
jamb2002
NAFARA AND SONS Balance Sheet items as at 31st December, 1987.
Capital N74480
Creditors N15875
Prepaid expenses N580
Motor vehicles N34750
Furniture N35850
Accrued expenses N645
Stock N8100
Cash balances N9911
Debtors N1809
Compute the value of current assets?
AN20400
BN20465
CN35695
DN19820
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Question 52
jamb2002
(i) Fixtures account (ii) Machinery account
(iii) Wages accounts (iv) Rent account.
Which of the above are nominal account?
Aiii and iv
Bi and ii
Ci and iii
Dii and iii
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Question 53
jamb2002
In a petty cash book the imprest is N1380.
Expenses:
Stationery N350
Cleaning material N335
General expenses N265
How much was received to maintain the imprest at the ends of the month?
AN950
BN970
CN430
DN380
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Question 54
jamb2002
In an incomplete record, the preparation of the bank reconciliation ensures that?
Aall cash taking are banked
Bthe cash book is correct
Cthere are no overdrafts
Dthere are no hidden loans
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Question 55
jamb2002
An entry in a subsidiary book which does not form part of the double entry system is a?
Acontra entry
Bjournal entry
Csingle entry
Dmemorandum entry
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Question 56
jamb2002
In a petty cash book the imprest is N1380.
Expenses:
Stationery N350
Cleaning material N335
General expenses N265
How much was received to maintain the imprest at the ends of the month?
AN950
BN970
CN430
DN380
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Question 57
jamb2002
In preparing the final accounts, the bad debt account is closed by a transfer to the?
