POST UTME AFE BABALOLA UNIVERSITY 2025 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company uses a job costing system to account for its manufacturing costs. The company has two departments: Cutting and Assembly. The Cutting Department has a balance of ₦120,000 in Work-in-Progress (WIP) at the beginning of the year. During the year, the department incurs costs of ₦150,000 for direct materials and ₦80,000 for direct labor. The department also incurs an overhead cost of ₦60,000. At the end of the year, the department has a balance of ₦80,000 in WIP. What is the total cost of goods manufactured by the Cutting Department?
Question 2
A company uses the single-entry system of accounting. The company's cash book shows a debit balance of ₦15,000. The company's trial balance shows a credit balance of ₦20,000. What is the correct journal entry to record the difference?
Question 3
A company issued 5,000 debentures of ₦1,000 each at a discount of 5%. Calculate the total amount received from the issue of debentures.
Question 4
A company's profit and loss account shows a net profit of ₦300,000. Calculate the company's net worth if its share capital is ₦500,000 and its retained earnings are ₦200,000.
Question 5
A company has the following trial balance:
Debit:
₦50,000 - Rent
₦30,000 - Salaries
₦20,000 - Office supplies
Credit:
₦60,000 - Purchases
₦40,000 - Returns inwards
₦10,000 - Dividends
What is the net profit for the year?
Question 6
A manufacturing company has the following departmental expenses:
Selling department: ₦20,000
Administration department: ₦15,000
Production department: ₦30,000
What is the total departmental expense?
Question 7
A company uses the single-entry system to record its transactions. The company's journal entries for the year are as follows: Debit Cash ₦100,000, Debit Accounts Payable ₦50,000, Credit Sales Revenue ₦1,500,000, and Credit Wages Expense ₦150,000. What is the net income of the company?
Question 8
A company prepares its balance sheet as of December 31st. The balance sheet shows the following balances: Accounts Payable ₦150,000, Accounts Receivable ₦200,000, Common Stock ₦500,000, Dividends ₦20,000, Retained Earnings ₦300,000, Sales Revenue ₦1,200,000, and Wages Expense ₦100,000. What is the total assets of the company?
Question 9
A company uses the double-entry system to record transactions. If a customer pays ₦1,500 cash for a service, and the company owes the customer ₦500 as a refund, what is the journal entry to record this transaction?
Question 10
A company uses the FIFO method of inventory valuation. The company's beginning inventory was 500 units at ₦20 each. During the year, the company purchased 1,000 units at ₦25 each and sold 800 units at ₦30 each. Calculate the company's ending inventory value.
Question 11
A company's balance sheet shows a total assets of ₦500,000 and a total liabilities of ₦300,000. What is the correct balance in the owner's equity account?
Question 12
A company uses the straight-line method of depreciation. The company's asset has a cost of ₦100,000 and an estimated useful life of 5 years. Calculate the annual depreciation expense.
Question 13
A company uses the single-entry system of accounting. The company's cash book shows a debit balance of ₦15,000. The company's trial balance shows a credit balance of ₦20,000. What is the correct journal entry to record the difference?
Question 14
A company's trading account shows a profit of ₦50,000. However, the profit and loss account shows a loss of ₦20,000. What is the correct balance in the profit and loss account?
Question 15
A company issued 10,000 shares of ₦5 each at a premium of ₦2 per share. Calculate the total amount received from the issue of shares.
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