POST UTME BABCOCK UNIVERSITY 2024 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company uses the perpetual inventory system. On January 1, 2024, it had 500 units of a product in stock, costing ₦200 each. During the year, 300 units were sold, and 200 units were purchased at ₦250 each. Calculate the cost of goods sold for the year.
Question 2
A company uses the FIFO method to value its inventory. If the company purchases 100 units of inventory at ₦50 each, and the previous balance was 50 units at ₦60 each, what is the cost of goods sold?
Question 3
A government agency is responsible for collecting taxes on behalf of the state. The agency's accounting records show that it has collected ₦1,000,000 in taxes but has not yet remitted the funds to the state. What is the correct accounting treatment for this situation?
Question 4
A company has the following balance sheet as of December 31, 2022:
Question 5
A company purchases a machine for ₦500,000 and depreciates it by 10% per annum. Calculate the value of the machine after 3 years.
Question 6
A company has the following transactions in its cash book: Debit: ₦10,000, Credit: ₦15,000. What is the net effect of these transactions on the company's cash balance?
Question 7
A public sector organization has a budget of ₦10 million for the year. The organization has already spent ₦3 million on salaries and ₦2 million on rent. What is the remaining budget for the organization?
Question 8
A company uses the single-entry system of accounting. The company's cash book shows a debit balance of ₦120,000. The company's trial balance also shows a debit balance of ₦150,000. What is the reason for the difference in the two balances?
Question 9
A company uses the perpetual inventory system. On January 1, 2024, it had 500 units of a product in stock, costing ₦200 each. During the year, 300 units were sold, and 200 units were purchased at ₦250 each. Calculate the cost of goods sold for the year.
Question 10
A company uses the self-balancing ledger system. The company's assets increased by ₦30,000 and its liabilities increased by ₦20,000. What is the net increase in the company's equity?
Question 11
A company's cash book contains the following transactions: Cash 10,000, Accounts Payable 5,000, Sales Revenue 20,000, Cost of Goods Sold 15,000, and Common Stock 10,000. What is the company's net cash flow?
Question 12
A company uses the perpetual inventory system. On January 1, 2024, it had 500 units of a product in stock, costing ₦200 each. During the year, 300 units were sold, and 200 units were purchased at ₦250 each. Calculate the cost of goods sold for the year.
Question 13
A company issues 1,000 shares of common stock at ₦10 per share. If the company has a par value of ₦5 per share, what is the total amount of cash received from the sale of these shares?
Question 14
A manufacturing company produces two products, A and B. Product A requires 2 hours of direct labor and 1 hour of indirect labor, while Product B requires 1 hour of direct labor and 2 hours of indirect labor. If the company works 8 hours a day and produces 100 units of Product A and 50 units of Product B, what is the total labor cost for the day?
Question 15
A company produces two products, X and Y, using two machines, A and B. The production process for X requires 2 hours on machine A and 3 hours on machine B, while the production process for Y requires 3 hours on machine A and 2 hours on machine B. If machine A operates for 24 hours and machine B operates for 18 hours, how many units of product X and Y can be produced?
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