POST UTME AAUA 2023 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company uses the weighted average method to value its inventory. The following information is available for the year ended December 31, 2022: Cost of goods available for sale: ₦1,500,000; Net realizable value of goods on hand: ₦1,200,000; Net realizable value of goods sold: ₦1,000,000. Calculate the cost of goods sold using the weighted average method.
Question 2
A company uses the straight-line method of depreciation. If the asset has a useful life of 5 years and a residual value of ₦0, the annual depreciation charge would be:
Question 3
A company uses the straight-line method to depreciate its assets. If the asset cost ₦120,000 and has a useful life of 5 years, what is the annual depreciation charge?
Question 4
A company prepares a balance sheet as at December 31, 2022. The company's assets at the beginning of the year were ₦300,000, and the company's liabilities at the beginning of the year were ₦100,000. The company's assets at the end of the year were ₦500,000, and the company's liabilities at the end of the year were ₦200,000. What is the company's equity at the end of the year?
Question 5
A company uses the FIFO method to value its inventory. The following information is available for the year ended December 31, 2022: Cost of goods available for sale: ₦1,500,000; Net realizable value of goods on hand: ₦1,200,000; Net realizable value of goods sold: ₦1,000,000. Calculate the cost of goods sold using the FIFO method.
Question 6
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and the residual value is ₦0, what is the annual depreciation charge if the asset's cost is ₦1,500,000?
Question 7
A trader maintains the following ledger accounts: Purchases, Sales, and Capital. The journal entries are as follows: Debit Purchases ₦50,000, Credit Sales ₦60,000, Debit Capital ₦20,000, Credit Purchases ₦30,000. What is the net effect on the trader's capital?
Question 8
A company prepares its financial statements using the cash basis of accounting. If the company has cash inflows of ₦200,000 and cash outflows of ₦150,000, what is the net cash flow?
Question 9
A company maintains a cash book and a general ledger. The cash book shows a balance of ₦150,000, while the general ledger shows a balance of ₦180,000. The bank statement shows a balance of ₦200,000. What is the correct explanation for the discrepancy?
Question 10
A company uses the single-entry system of accounting. The company's cash book shows a balance of ₦120,000. The company's bank statement shows a balance of ₦150,000. What is the correct explanation for the discrepancy?
Question 11
A company produces two products, X and Y, using two machines, A and B. Machine A is used for 6 hours a day to produce 120 units of X, while machine B is used for 4 hours a day to produce 80 units of Y. If the total production cost is ₦120,000, and the selling price of X is ₦200 per unit and Y is ₦300 per unit, calculate the profit made by the company in a day.
Question 12
A company's bank reconciliation statement shows the following discrepancies: Bank debit balance ₦120,000, Company debit balance ₦150,000. What is the reason for the discrepancy?
Question 13
A company's manufacturing account shows a cost of goods manufactured of ₦500,000 and a cost of goods sold of ₦400,000. If the company's beginning inventory is ₦100,000, what is the cost of ending inventory?
Question 14
A partnership is formed between three individuals, A, B, and C, who invest ₦50,000, ₦30,000, and ₦20,000 respectively. If the profit is shared in the ratio 2:3:4, and the total profit for the year is ₦120,000, calculate the amount of profit each partner will receive.
Question 15
A company uses the self-balancing ledger system. The company's ledger shows a balance of ₦180,000. The company's bank statement shows a balance of ₦200,000. What is the correct explanation for the discrepancy?
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.
Unlock Full Access
Available for Android & Windows