JAMB Accounting Past Questions & Answers - Page 220

(i)Orientation 
(ii) Entity 
(iii)Legal status
(iv)Finance.
Which of the characteristics above distinguishes a profit-making from a not-for-profit-making organizations?

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?

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.

The gross profit on manufactured goods is the difference between the cost of goods manufactured and the

In a departmental accounting system, which of the following expenses will most likely be apportioned on the basis of turnover?