POST UTME AL-HIKMAH UNIVERSITY 2020 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company issued 5,000 debentures of £ 100 each at a discount of £ 5 per debenture. Calculate the total amount received from the issue of debentures.
Question 2
A company's Balance Sheet as at 31st December 2020 showed the following balances: Capital £ 50,000, Profit £ 20,000, Drawings £ 10,000. Prepare the company's Profit and Loss Account for the year ended 31st December 2020.
Question 3
A company's balance sheet shows an increase in its current assets of ₦50,000 and a decrease in its current liabilities of ₦20,000. What is the net effect on the company's working capital?
Question 4
A company's trading account for the year ended 31st December 2020 showed the following balances: Sales £ 100,000, Purchases £ 80,000, Returns Outwards £ 5,000. Prepare the company's Trading Account for the year ended 31st December 2020.
Question 5
A company uses a double-entry system to record its transactions. The company has the following accounts: Cash, Accounts Payable, and Sales. The company's cash account balance is ₦150,000 and its accounts payable balance is ₦75,000. If the company sells 500 units of goods at ₦300 each, what is the new balance in the Cash account?
Question 6
A company uses the double-entry system of accounting. The company's assets at the beginning of the year were ₦500,000. During the year, the company purchased equipment for ₦200,000 and sold goods for ₦300,000. What is the company's net worth at the end of the year?
Question 7
A company uses the double-entry system of accounting. The company's assets at the beginning of the year were ₦500,000. During the year, the company purchased equipment for ₦200,000 and sold goods for ₦300,000. What is the company's net worth at the end of the year?
Question 8
A company uses a self-balancing ledger to record its transactions. The ledger has the following accounts: Cash, Accounts Payable, Accounts Receivable, and Sales. The ledger also has a control account called 'Total Assets'. If the company's cash account balance is ₦150,000 and its accounts payable balance is ₦75,000, what is the balance in the 'Total Assets' control account?
Question 9
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. The shares were subscribed for by the public in full. Calculate the amount received from the issue of shares.
Question 10
A company's cash book shows a balance of ₦10,000. However, the bank statement shows a balance of ₦12,000. What is the likely cause of this discrepancy?
Question 11
A company issued 10,000, 10% debentures of ₦100 each on 1st January 2022. The debentures are redeemable at par after 5 years. Calculate the annual charge for the year ended 31st December 2022.
Question 12
A manufacturing company uses a job order costing system. The company has the following accounts: Work in Process, Finished Goods, and Cost of Goods Sold. The company's Work in Process account has a balance of ₦200,000 and its Finished Goods account has a balance of ₦150,000. If the company sells 500 units of finished goods at ₦300 each, what is the balance in the Cost of Goods Sold account?
Question 13
A company's balance sheet as at 31st December 2022 is as follows: Share Capital: ₦500,000, Reserves: ₦300,000, Debtors: ₦150,000, Creditors: ₦100,000. Calculate the net worth of the company.
Question 14
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 15
A company uses the double-entry system of accounting. The company's assets at the beginning of the year were ₦500,000. During the year, the company purchased equipment for ₦200,000 and sold goods for ₦300,000. What is the company's net worth at the end of the year?
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