POST UTME AFE BABALOLA UNIVERSITY 2020 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's trial balance shows the following balances: Accounts Payable ₦100,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Net Income ₦150,000. What is the company's total assets?
Question 2
A business uses the cash basis of accounting. If the company receives ₦10,000 in cash from customers and pays ₦5,000 in cash to suppliers, what is the net cash inflow?
Question 3
A company has the following transactions:
Sale of goods for ₦200,000 cash
Purchase of goods for ₦160,000 on credit
Payment of ₦40,000 cash to a creditor
What is the total amount of assets on the balance sheet?
Question 4
A company issued 10,000 shares of ₦5 each. If the company's profit for the year is ₦1,500,000, and the company's expenses for the year are ₦800,000, what is the company's net profit?
Question 5
A government agency has a budget of ₦1,000,000 for a project. The project requires an initial investment of ₦200,000 and a recurring expenditure of ₦50,000 per month for 12 months. What is the total expenditure for the project?
Question 6
A company's balance sheet shows the following:
| Assets | ₦ | Liabilities | ₦ |
| --- | --- | --- | --- |
| Cash | 10,000 | Bank Loan | 20,000 |
| Debtors | 30,000 | Share Capital | 50,000 |
| Stock | 40,000 | | |
| | | | |
What is the company's total assets?
Question 7
A company issued 5,000 shares of ₦10 each. If the company's profit for the year is ₦1,200,000, and the company's expenses for the year are ₦600,000, what is the company's net profit?
Question 8
A company's balance sheet shows a current asset of ₦50,000 in the account 'Accounts Receivable'. However, the company's accounting records show that it has not received any payments from its customers. What is the most likely cause of this discrepancy?
Question 9
A company uses the perpetual inventory system. If the company purchases 100 units of goods at ₦50 each, and the cost of goods sold is ₦5,000, what is the company's ending inventory?
Question 10
A business uses the perpetual inventory system. If the cost of goods sold is ₦150,000 and the beginning inventory is ₦50,000, what is the cost of goods available for sale?
Question 11
A bank's cash book shows a balance of ₦500,000. However, the bank statement shows a balance of ₦450,000. What is the reason for the difference?
Question 12
A company has a balance sheet as follows: Assets ₦500,000, Liabilities ₦200,000, and Capital ₦300,000. What is the ratio of capital to liabilities?
Question 13
A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received'. However, the company's accounting records show that it has not received any rent from its tenants. What is the most likely cause of this discrepancy?
Question 14
A company's balance sheet shows the following balances: Cash ₦100,000, Accounts Payable ₦50,000, and Common Stock ₦200,000. What is the company's total liabilities and equity?
Question 15
A company has the following transactions:
Sale of goods for ₦150,000 cash
Purchase of goods for ₦120,000 on credit
Payment of ₦30,000 cash to a creditor
What is the total amount of assets on the balance sheet?
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