POST UTME AAUA 2017 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company issued 10,000 shares of ₦1 each at a premium of ₦0.50 per share. Calculate the total amount received from the issue of shares.
Question 2
A company uses the weighted average method to value its inventory. The company has three types of inventory: A, B, and C. The cost of inventory A is ₦150,000, and it has a weightage of 30%. The cost of inventory B is ₦200,000, and it has a weightage of 40%. The cost of inventory C is ₦100,000, and it has a weightage of 30%. What is the total cost of the inventory?
Question 3
A company's departmental accounts show the following balances: Sales ₦100,000, Cost of Goods Sold ₦60,000, Gross Profit ₦40,000. What is the net profit?
Question 4
A company's incomplete records show the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | 10,000 | |
| 1st Jan | Bank | | 10,000 |
| 15th Jan | Cash | | 5,000 |
| 15th Jan | Bank | 5,000 | |
| 20th Jan | Cash | | 8,000 |
| 20th Jan | Bank | 8,000 | |
What is the company's cash balance at the end of the month?
Question 5
A company's profit and loss account shows the following:
| Particulars | ₦ | Particulars | ₦ |
| --- | --- | --- | --- |
| Sales | 100,000 | Cost of Goods Sold | 80,000 |
| Gross Profit | 20,000 | Operating Expenses | 10,000 |
| Net Profit | 10,000 | | |
What is the company's net profit?
Question 6
A company issues 5% debentures of ₦100 each. If the company pays an annual interest of ₦5 per debenture, what is the total interest paid on the debentures?
Question 7
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received from the issue of shares?
Question 8
A company's balance sheet shows the following:
| Assets | ₦ | Liabilities | ₦ |
| --- | --- | --- | --- |
| Cash | 10,000 | Debentures | 20,000 |
| Stock | 30,000 | Share Capital | 40,000 |
| Debtors | 15,000 | Creditors | 10,000 |
What is the total amount of the company's assets?
Question 9
A company's trading account for the year ended 31st December 2022 shows a profit of ₦1,500,000. The balance on the profit and loss account at the beginning of the year was ₦200,000. The company's retained earnings at the beginning of the year were ₦500,000. The company declared a dividend of ₦300,000 during the year. What is the company's retained earnings at the end of the year?
Question 10
A company has the following transactions: Purchased 500 units of raw materials at ₦10 per unit, purchased 200 units of raw materials at ₦15 per unit, and sold 300 units of finished goods at ₦25 per unit. What is the total expense?
Question 11
A company has the following transactions: Purchased 500 units of raw materials at ₦10 per unit, purchased 200 units of raw materials at ₦15 per unit, and sold 300 units of finished goods at ₦25 per unit. What is the total liability?
Question 12
A company's control account shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | 10,000 | |
| 1st Jan | Bank | | 10,000 |
| 15th Jan | Cash | | 5,000 |
| 15th Jan | Bank | 5,000 | |
| 20th Jan | Cash | | 8,000 |
| 20th Jan | Bank | 8,000 | |
What is the company's cash balance at the end of the month?
Question 13
A company has the following transactions: Purchased 500 units of raw materials at ₦10 per unit, purchased 200 units of raw materials at ₦15 per unit, and sold 300 units of finished goods at ₦25 per unit. What is the total asset?
Question 14
A partnership has two partners, A and B. Partner A has a 60% share of the profits, while partner B has a 40% share. If the total profits are ₦120,000, how much will partner A receive?
Question 15
A company has the following transactions: Purchased 500 units of raw materials at ₦10 per unit, purchased 200 units of raw materials at ₦15 per unit, and sold 300 units of finished goods at ₦25 per unit. What is the total profit?
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