Manufacturing Accounts Generix Content - Manufacturing Accounts
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"Manufacturing Accounts" question number distribution across years
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WAEC questions for "Financial Accounting :: Manufacturing Accounts"
Q1

The total factory overhead is

A

D318,750

B

D286,250

C

D255,000

D

D236,250

E
Q2

Which of the following is not part of cost of production?

A

Wages of operators

B

Factory power

C

Advertising

D

Cost of raw materials

E
Q3

What is the value of raw materials used?

A

D270,500

B

D265,750

C

D236,500

D

D226,250

E
Q4

What is the prime cost?

A

D717,500

B

D431,250

C

D286,250

D

D270,500

E
Q5

Which of the following is not part of factory overhead?

A

Factory salaries

B

Factory lighting and heating

C

Depreciation of plant and machinery

D

Depreciation of fixtures and fittings

E
Q6

Cost of extension to a factory building is classified as

A

capital receipt

B

revenue expenditure

C

capital expenditure

D

revenue receipt

E
Q7

A service which a firm has enjoyed, but which has not yet been paid for is

A

accrued expense

B

preliminary expense

C

prepaid expense

D

overhead expense

E
Q8

An article costs ₦1,800 and is sold at a gross profit of 20 % on selling price. What is the selling price?

A

₦2,250

B

₦2,160

C

₦1,800

D

₦1,440

E
Q9

The depreciation on plant acquired by a manufactured company is treated as

A

prime cost

B

administrative expenses

C

factory overhead

D

selling and distribution expenses

E
Q10

In the preparation of manufactuting accounts, prime cost factory overheads equal to cost of

A

materials available

B

production

C

sales

D

materials used

E
Q11

Returns inwards is also called

A

purchases return

B

sales return

C

goods on sale or return

D

goods in transit

E
Q12

Net profit is

A

₦43,000

B

₦25,000

C

₦23,000

D

₦18,000

E
Q13

Closing capital is

A

₦81,000

B

₦78,000

C

₦74,000

D

₦64,000

E
Q14

The difference between factory cost of goods produced and its market value is

A

interest

B

premium

C

manufacturing profit

D

manufacturing overhead

E
Q15

The gross profit is

A

Le 47,200

B

Le 42,200

C

Le 37,200

D

Le 19,800

E
Q16

The net profit is

A

Le 42,200

B

Le 37,200

C

Le 32,700

D

Le 19,800

E
Q17

The cost of goods sold is

A

Le 185,100

B

Le 139,200

C

Le 136,200

D

Le 131,200

E
Q18

Which of the following is not part of cost of production?

A

Direct material cost

B

Direct wages

C

Factory overheads

D

Administrative overheads

E
Q19

The manufacturing account is prepared to determined the cost of

A

trading

B

production

C

factory overhead

D

raw materials

E
Q20

Factory costs excluding prime cost is

A

overhead

B

material cost

C

fixed cost

D

administration cost

E
Q21

An example of direct expense is

A

insurance

B

carriage inwards

C

purchase of raw materials

D

royalty

E
Q22

Which of the following is not shown in the trial balance?

A

Opening stock

B

Closing stock

C

Discount allowed

D

Discount received

E
Q23

Sales for the year was

A

₦11,430

B

₦11,295

C

₦11,130

D

₦10,965

E
Q24

Cost of sales for the year was

A

₦10,965

B

₦8,565

C

₦7,215

D

₦6,765

E
Q25

Gross profit for the year was

A

₦4,650

B

₦4,200

C

₦3,750

D

₦2,400

E
Q26

Credit sales for the period is

A

₦14,078

B

₦10,290

C

₦8,520

D

₦3,554

E
Q27

The closing balance of ₦3,368 Dr is classified in the balance sheet as a

A

fixed asset

B

current asset

C

current liability

D

capital

E
Q28

The cost price of a book is Le 9,000 and the selling price is Le 12,000. The mark up is

A

66 (2/3) %

B

50 %

C

33 (1/3) %

D

25 %

E
Q29

Total asset is

A

₦240,000

B

₦220,000

C

₦200,000

D

₦180,000

E
Q30

Which of the following is not used for determining working capital

A

Cash

B

Debtors

C

Motor vehicles

D

Overdraft

E
Q31

A customer who returns goods to the supplier because they are defective is issued a

A

debit note

B

credit note

C

delivery note

D

bank note

E
Q32

Cost of raw materials consumed is

A

D113,000

B

D105,500

C

D98,000

D

D95,000

E
Q33

Prime cost is

A

D120,500

B

D117,700

C

D114,900

D

D114,300

E
Q34

Cost of goods manufactured is

A

D138,000

B

D131,800

C

D130,500

D

D123,000

E
Q35

Which of the following is not a revenue expenditure?

A

payment of salaries

B

payment for advertisement

C

purchases of motor vehicle

D

purchases of goods

E
Q36

Which of the following is not classified as an overhead?

A

Factory rates

B

Factory power

C

Factory building extension

D

Factory depreciation

E
Q37

Which of the following is an example of direct expenses?

A

royalties

B

carriage inwards

C

carriage outwards

D

manufacturing wages

E
Q38

Capital expenditure is the 

A

cost of running a business

B

money spent on buying goods for resale

C

money spent on acquiring fixed assets

D

extra capital paid in by the operator

E
Q39

Which of the following is a factory overhead?

A

depreciation of plant and machinery

B

royalties

C

raw materials consumed

D

carriage outwards

E
Q40

Direct material + direct is 

A

overhead

B

prime cost

C

total cost

D

conversion cost

E
Q41

Total overhead cost is

A

₦105,000

B

₦95,000

C

₦50,000

D

₦15,000

E
Q42

The prime cost is

A

₦1,175,000

B

₦1,140,000

C

₦1,075,000

D

₦1,060,000

E
Q43

cost of raw materials used is

A

₦1,175,000

B

₦1,140,000

C

₦1,075,000

D

₦1,060,000

E
Q44

What is the total acquisition cost of the equipment?

A

₦76,000

B

₦72,000

C

₦70,000

D

₦60,000

E
Q45

The cost of raw materials consumed is determined in the Manufacturing Account as

A

opening stock plus purchases less closing stock

B

purchases plus closing stock less opening stock

C

cost of materials available plus closing stock

D

cost of materials available less opening stock

E
Q46

Which of the following is an item of prime cost?

A

Royalties payable

B

Factory salaries

C

Depreciation of plant

D

Rent of factory building

E
Q47

What was the cost of goods sold?

A

₦170,000

B

₦138,000

C

₦130,000

D

₦122,000

E
Q48

What was the Gross profit?

A

₦58,000

B

₦50,000

C

₦42,000

D

₦10,000

E
Q49

What is the cost of raw materials consumed?

A

₦34,500

B

₦31,500

C

₦30,000

D

₦28,500

E
Q50

The prime cost is

A

₦68,700

B

₦65,700

C

₦62,700

D

₦58,200

E
Q51

The amount of factory overhead is

A

₦42,300

B

₦31,800

C

₦28,800

D

₦21,000

E
Q52

The cost of goods manufactured is

A

₦101,250

B

₦98,250

C

₦94,500

D

₦91,500

E
Q53

Prime cost consists of

A

direct material and direct labour cost

B

direct material, direct labour and direct expenses

C

direct material, direct labour, direct expenses and overhead

D

direct material and direct expenses

E
Q54

A business firm incurs labour cost in installing machinery. This should be treated as

A

Salaries

B

Installation cost

C

Machinery cost

D

Wages

E
Q55

Cost of raw materials consumed is

A

₦53,000

B

₦45,500

C

₦45,000

D

₦43,500

E
Q56

Prime cost is

A

₦53,000

B

₦52,750

C

₦49,950

D

₦46,300

E
Q57

Factory cost of production is

A

₦56,300

B

₦53,000

C

₦52,750

D

₦45,500

E
Q58

Production cost is

A

₦57,300

B

₦56,300

C

₦55,800

D

₦53,000

E
Q59

What is the cost of raw materials consumed?

A

₦18,500

B

₦16,000

C

₦15,000

D

₦12,500

E
Q60

What is the cost of production?

A

₦19,000

B

₦18,500

C

₦15,000

D

₦12,500

E