POST UTME ABU 2017 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A public sector organization has the following transactions: Salaries: ₦500,000; Wages: ₦300,000; Rent: ₦200,000. What is the total expenditure?
Question 2
A public sector organization has a budget of ₦10,000,000 for the year. The organization has already spent ₦6,000,000 on salaries and ₦2,000,000 on equipment. What is the remaining budget for the year?
Question 3
A business has the following final accounts: Trading Profit: ₦50,000; Profit and Loss: ₦100,000; Balance Sheet: ₦200,000. What is the net worth?
Question 4
A company uses the single-entry system of accounting. The company's trial balance as at 31st December 2016 is as follows:
Debit:
Cash ¡ 50,000
Accounts Payable ¡ 30,000
Equipment ¡ 100,000
Credit:
Accounts Receivable ¡ 20,000
Common Stock ¡ 150,000
Total ¡ 350,000
Question 5
A partnership has three partners, A, B, and C. Partner A has a capital of ₦100,000, Partner B has a capital of ₦80,000, and Partner C has a capital of ₦60,000. The partnership's total capital is ₦300,000. What is the ratio of Partner A's capital to Partner B's capital?
Question 6
A business has the following transactions in its incomplete records: Sales: ₦100,000; Purchases: ₦80,000; Drawings: ₦20,000. What is the net profit?
Question 7
A company's trading account shows a profit of ₦1,500,000. The balance sheet shows a decrease in inventory of ₦200,000 and an increase in accounts payable of ₦300,000. What is the net effect on the company's cash position?
Question 8
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable after 5 years. Calculate the amount of interest to be paid at the end of the first year.
Question 9
A company uses the double-entry system to record its transactions. The following journal entry was made on December 31, 2022: Debit: Cash 10,000, Credit: Dividends 10,000. What is the effect of this transaction on the company's equity?
Question 10
A company prepares its final accounts for the year ended December 31. The trading account shows a profit of ₦200,000. The profit and loss account shows a profit of ₦250,000. The balance sheet shows a total assets of ₦500,000 and total liabilities of ₦300,000. What is the company's net worth on December 31?
Question 11
The following is a partial extract from the ledger of a partnership between A and B:
Debit Balance: ₦50,000
A's Capital: ₦100,000
B's Capital: ₦80,000
What is the total value of the partnership?
Question 12
A company uses the double-entry system and has the following ledger accounts: Debit: ₦100,000; Credit: ₦150,000. What is the net effect?
Question 13
A government agency is required to prepare a budget for the upcoming fiscal year. The budget includes the following line items: Salaries 1,000,000, Rent 200,000, Utilities 50,000. What is the total amount of the budget?
Question 14
A company's balance sheet as at 31st December 2022 is as follows:
Assets: ₦500,000
Liabilities: ₦200,000
Capital: ₦300,000
What is the net worth of the company?
Question 15
A company uses the double entry system to record its transactions. The company's ledger shows a debit balance of ₦100,000 in the account 'Sales' and a credit balance of ₦80,000 in the account 'Purchases'. What is the company's net profit for the year?
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