POST UTME ACHIEVERS UNIVERSITY 2018 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's assets, liabilities, and equity at the beginning of the year were ₦100,000, ₦50,000, and ₦50,000, respectively. During the year, the company purchased equipment for ₦20,000 and sold goods for ₦30,000. The company also declared dividends of ₦10,000. Prepare the company's statement of financial position at the end of the year using the single-entry system of accounting.
Question 2
A company's trial balance shows the following balances: Accounts Payable ₦200,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Common Stock ₦1,000,000. Prepare a classified balance sheet.
Question 3
A company's cash book shows a balance of ₦10,000. However, the bank statement shows a balance of ₦15,000. Prepare the necessary bank reconciliation statement.
Question 4
A company uses the cash book to record its transactions. The cash book shows a balance of ₦10,000 in the cash account. However, the bank statement shows a balance of ₦12,000. What is the reason for the difference?
Question 5
A company's balance sheet as of December 31, 2022, is as follows: Assets ₦2,000,000, Liabilities ₦1,000,000, Equity ₦1,000,000. Prepare the balance sheet.
Question 6
A company uses the self-balancing ledger system. The company's assets increased by ₦100,000 and its liabilities increased by ₦50,000. What is the amount of the owner's capital?
Question 7
A company's trial balance shows a debit balance of ₦15,000 in the 'Rent and Rates' account. However, the company's accounting records show that it has paid ₦20,000 for rent and rates. Prepare the necessary journal entry to correct the discrepancy.
Question 8
A company's trial balance shows the following balances: Accounts Payable ₦500,000, Sales Revenue ₦1,500,000, Cost of Goods Sold ₦800,000, and Net Income ₦200,000. What is the company's total assets?
Question 9
In a partnership account, the capital of each partner is initially recorded in the capital account. However, when a partner withdraws cash from the business, the amount withdrawn is recorded as a drawing. What is the correct journal entry to record the withdrawal of cash by a partner?
Question 10
A company's financial statements for the year ended December 31, 2022, are as follows: Revenue ₦1,500,000, Cost of Goods Sold ₦800,000, Gross Profit ₦700,000, Operating Expenses ₦200,000, Net Income ₦500,000. Prepare the income statement.
Question 11
A company has the following assets:
- Land: ₦50,000
- Building: ₦100,000
- Machinery: ₦30,000
What is the total value of the company's assets?
Question 12
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦150,000, Cost of Goods Sold ₦80,000, and Common Stock ₦100,000. Prepare a balance sheet.
Question 13
A company's assets, liabilities, and equity at the beginning of the year were ₦100,000, ₦50,000, and ₦50,000, respectively. During the year, the company purchased equipment for ₦20,000 and sold goods for ₦30,000. The company also declared dividends of ₦10,000. Prepare the company's statement of financial position at the end of the year using the single-entry system of accounting.
Question 14
A company issued 5,000, 10% shares of ₦10 each. Calculate the total amount received from share holders.
Question 15
A partnership has two partners, A and B. The capital contributions of A and B are ₦80,000 and ₦60,000 respectively. The profit-sharing ratio is 3:2. What is the amount of profit that A will receive?
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