POST UTME AFE BABALOLA UNIVERSITY 2022 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The issue expenses were ₦ 50,000. Calculate the amount received from the issue of shares.
Question 2
A company issued 5,000 ₦ 100 debentures at a premium of ₦ 10 per debenture. Calculate the total amount received from the issue of debentures.
Question 3
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦130,000. The difference can be attributed to the following reasons: A) Bank charges of ₦5,000, B) Unpresented cheques of ₦10,000, C) Cash deposited in error of ₦5,000, D) Uncredited deposit of ₦10,000.
Question 4
A company uses a self-balancing ledger to record its transactions. The ledger shows the following balances: Cash ₦50,000, Accounts Payable ₦20,000, and Common Stock ₦100,000. What is the amount of the company's retained earnings?
Question 5
A company's manufacturing account showed the following: Cost of goods sold ₦1,000,000, Work-in-progress ₦200,000, and Closing stock ₦300,000. Calculate the value of finished goods.
Question 6
A company uses the straight-line method to depreciate its assets. The asset's cost is ₦120,000 and its useful life is 5 years. If the asset is sold after 3 years for ₦60,000, what is the amount of depreciation expense for the 3rd year?
Question 7
A company's trial balance showed the following: Sales ₦1,000,000, Cost of goods sold ₦800,000, and Gross profit ₦200,000. Calculate the operating profit.
Question 8
A company's cash book showed a balance of ₦ 10,000. The company's bank statement showed a balance of ₦ 12,000. The difference between the two balances is ₦ 2,000. Prepare the necessary journal entry to reconcile the two balances.
Question 9
A company's balance sheet shows a total assets of ₦500,000 and a total liabilities of ₦300,000. The company's equity is ₦200,000. Calculate the company's return on equity.
Question 10
A company's cash book shows the following transactions:
a) Cash received from customers ₦150,000
b) Cash paid to suppliers ₦80,000
c) Cash paid to employees ₦120,000
d) Cash received from bank ₦200,000
Determine the total cash balance of the company.
Question 11
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
Question 12
A company issued 10,000 shares of ₦10 each at a premium of ₦5. Calculate the total amount received from the issue of shares.
Question 13
A company's balance sheet showed the following: Share capital ₦500,000, Reserves ₦200,000, and Accumulated profits ₦300,000. Calculate the total amount of shareholders' funds.
Question 14
A company's ledger showed a balance of ₦ 50,000 in the account 'Sales'. The company's trial balance showed a balance of ₦ 60,000 in the same account. Prepare the necessary journal entry to correct the discrepancy.
Question 15
A company's trading account shows a profit of ₦200,000. The company's profit and loss account shows a net profit of ₦250,000. The difference can be attributed to the following reasons: A) Interest on drawings of ₦20,000, B) Depreciation of ₦30,000, C) Provision for taxation of ₦20,000, D) Provision for doubtful debts of ₦30,000.
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