POST UTME AAUA 2022 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A partnership agreement states that the profits and losses are to be shared in the ratio 3:2. If the total profit for the year is ₦150,000, what is the share of profit for partner A?
Question 2
A company has the following transactions: Purchased goods for ₦200,000, sold goods for ₦300,000, and purchased a machine for ₦100,000. What is the total amount of the transactions?
Question 3
A company issued 10% debentures of ₦100,000 at a premium of ₦10,000. Calculate the annual interest payable.
Question 4
A partnership with a capital of ₦500,000 has 3 partners. If the profit is shared in the ratio 2:3:4, what is the amount of profit shared by each partner?
Question 5
A company's assets are valued as follows: Buildings ₦500,000, Machinery ₦300,000, Vehicles ₦200,000. Calculate the total value of the assets.
Question 6
A company's balance sheet as at December 31, 2022, showed a current asset of ₦200,000 and a non-current asset of ₦500,000. The company's profit and loss account for the year ended December 31, 2022, showed a net profit of ₦300,000. Calculate the company's total assets as at December 31, 2022.
Question 7
A company's liabilities are as follows: Accounts Payable ₦50,000, Taxes Payable ₦20,000, Long-term Debt ₦100,000. Calculate the total amount of liabilities.
Question 8
A manufacturing company uses a job costing system. The following data relate to Job No. 101: Materials: ₦15,000; Labour: ₦20,000; Overheads: ₦18,000. Calculate the total cost of the job.
Question 9
A company's trial balance shows an error of ₦20,000 in the credit side of the accounts receivable account. The correct balance is ₦150,000. What is the correct balance of the accounts receivable account?
Question 10
A company's balance sheet as at December 31, 2022, showed a current liability of ₦200,000 and a non-current liability of ₦500,000. The company's profit and loss account for the year ended December 31, 2022, showed a net profit of ₦300,000. Calculate the company's equity as at December 31, 2022.
Question 11
A company issued 5,000, 10% debentures of ₦100 each on January 1, 2022. The debentures are redeemable at ₦120 each after 5 years. Calculate the annual charge on the debentures.
Question 12
A partnership is formed between two individuals, A and B, who contribute ₦200,000 and ₦300,000 respectively. The profit is to be shared in the ratio 2:3. If the profit for the year is ₦150,000, calculate the amount of profit that will be allocated to A.
Question 13
A manufacturing company uses the weighted average method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The raw materials inventory has a cost of ₦50,000 and a quantity of 100 units. The work-in-progress inventory has a cost of ₦75,000 and a quantity of 50 units. The finished goods inventory has a cost of ₦100,000 and a quantity of 20 units. What is the total value of the inventory?
Question 14
A government agency is required to prepare a statement of cash flows using the direct method. What is the first step in preparing this statement?
Question 15
A company's balance sheet shows a current ratio of 2:1. If the company's current assets are ₦200,000 and its current liabilities are ₦100,000, what is the company's quick ratio?
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