POST UTME BABCOCK UNIVERSITY 2019 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company has the following bank statement: Opening balance: ₦50,000; Deposits: ₦80,000; Withdrawals: ₦30,000. What is the closing balance?
Question 2
A company has the following ledger accounts:
Purchases: ₦250,000; Sales: ₦300,000; Wages: ₦40,000; Rent: ₦20,000; Profit and Loss Account: ₦50,000.
Prepare the company's Trading Account.
Question 3
In a manufacturing company, the following transactions occurred during the year: Purchased raw materials worth ₦100,000 on credit from a supplier. Sold goods worth ₦150,000 for cash. Paid salaries amounting to ₦80,000. What is the net effect on the company's cash balance?
Question 4
A company's accounting records show that the total value of its assets increased by ₦1,500,000 during the year. However, the company's profit after tax for the year was ₦800,000. What is the amount of the company's capital expenditure for the year?
Question 5
A company issues 10,000 shares of ₦1 each at a premium of ₦0.50 per share. What is the total amount received from the issue of shares?
Question 6
A company issues 500 shares of ₦20 each at a discount of ₦5 per share. The company receives a total of ₦8,000. What is the amount received from the issue of shares?
Question 7
A company's accounting records show that the total value of its assets increased by ₦1,500,000 during the year. However, the company's profit after tax for the year was ₦800,000. What is the amount of the company's capital expenditure for the year?
Question 8
A company's trial balance shows the following accounts: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, and Common Stock ₦100,000. What is the total amount of assets if the company's total liabilities and equity is ₦200,000?
Question 9
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership and partner B has a 40% interest. If the partnership has a net income of ₦200,000, how much will partner A receive as their share of the net income?
Question 10
A company's manufacturing account showed a direct material cost of ₦150,000 and a direct labor cost of ₦100,000. Calculate the prime cost.
Question 11
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and the residual value is ₦0, what is the annual depreciation charge if the asset's cost is ₦120,000?
Question 12
A company uses a self-balancing ledger system. The following transactions occurred during the year: Purchased raw materials worth ₦50,000 on credit from a supplier. Sold goods worth ₦80,000 for cash. What is the net effect on the company's ledger balance?
Question 13
In a manufacturing company, the following transactions occurred during the year:
Purchases of raw materials: ₦1,500,000; Sales of finished goods: ₦2,500,000; Direct labour cost: ₦800,000; Factory overheads: ₦600,000; Cost of goods manufactured: ₦2,000,000; Cost of goods sold: ₦1,800,000; Gross profit: ₦700,000; Net profit: ₦400,000.
Determine the value of the company's net assets at the end of the year.
Question 14
A company has the following ledger balances: Debtors: ₦120,000; Creditors: ₦80,000. What is the net amount owed by the company?
Question 15
A company has the following ledger accounts:
Purchases: ₦250,000; Sales: ₦300,000; Wages: ₦40,000; Rent: ₦20,000; Profit and Loss Account: ₦50,000.
Prepare the company's Balance Sheet.
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