POST UTME ACHIEVERS UNIVERSITY 2019 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A public sector organization has the following transactions for the month of January:
₦10,000 cash received from customers
₦5,000 cash paid to suppliers
₦3,000 cash paid to employees
₦2,000 cash received from government grant
What is the total cash received by the organization for the month of January?
Question 2
A company's trial balance shows the following balances:
₦10,000 debit in the account 'Rent Paid'
₦15,000 credit in the account 'Rent Received'
What is the correct treatment of these accounts in the preparation of the company's final accounts?
Question 3
A company's bank reconciliation statement shows the following discrepancies: a 1,000 overdraft, a 500 deposit in transit, and a 200 NSF check. What is the net effect of these discrepancies on the company's cash balance?
Question 4
A company's trial balance shows an error of ₦1,500 in the debit side of the account 'Rent Received'. The correct amount of rent received during the year is ₦15,000. What is the correct balance in the 'Rent Received' account?
Question 5
A company issues 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
Question 6
A bank statement shows a balance of ₦50,000, but the cash book shows a balance of ₦60,000. The bank statement also shows a debit of ₦10,000 for 'Bank Charges' and a credit of ₦5,000 for 'Interest Received'. What is the correct reconciliation?
Question 7
A company issues 10,000, 5% shares of ₦10 each at a premium of ₦2. Calculate the amount received from the shareholders.
Question 8
A firm has a control account balance of ₦500,000 and a ledger account balance of ₦600,000. What is the correct balance in the control account?
Question 9
A firm has a cash book balance of ₦200,000 and a bank statement balance of ₦250,000. The bank statement shows a credit balance of ₦10,000 for a dishonored cheque. What is the correct balance in the cash book?
Question 10
A company's cash book shows the following transactions:
₦5,000 received from a customer
₦3,000 paid to a supplier
What is the correct bank reconciliation statement?
Question 11
A manufacturing company produces 1,000 units of a product. The cost of production is ₦10 per unit. The selling price is ₦20 per unit. What is the profit made by the company?
Question 12
A government agency has a budget of ₦1,000,000 for a project. The project requires a loan of ₦500,000. What is the percentage of the budget allocated to the loan?
Question 13
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 14
A company's cash book showed the following transactions: Cash £ 10,000, Bank £ 5,000, Sales £ 20,000, Cost of Goods Sold £ 15,000. Prepare the company's cash flow statement.
Question 15
A company's trial balance shows the following balances: Cash 10,000, Accounts Payable 5,000, and Sales Revenue 20,000. What is the total amount of assets and liabilities on the balance sheet?
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