POST UTME BELLS UNIVERSITY 2017 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company has the following trial balance as of December 31, 2020:
Question 2
A company uses the perpetual inventory system to value its inventory. The following data is available for the year ended December 31, 2022: Beginning inventory: ₦800,000; Purchases: ₦1,200,000; Sales: ₦2,000,000. What is the cost of goods sold for the year?
Question 3
A company uses the straight-line method of depreciation to value its assets. The company has a machine that cost ₦500,000 and has a useful life of 5 years. What is the annual depreciation charge?
Question 4
A company's balance sheet as at 31st December 2022, showed a total assets of ₦10,000,000. The company's profit and loss account for the year ended 31st December 2022, showed a net loss of ₦1,500,000. Calculate the company's retained earnings as at 31st December 2022.
Question 5
A company's cash book shows a balance of ₦200,000. However, the bank statement shows a balance of ₦250,000. What is the reason for this discrepancy?
Question 6
A company's balance sheet shows a total asset of ₦500,000 and a total liability of ₦300,000. What is the company's equity?
Question 7
A company has the following balance sheet as of December 31, 2020:
Question 8
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
Question 9
A company's balance sheet as at 31st December is as follows:
| Assets | ₦ | Liabilities | ₦ |
| --- | --- | --- | --- |
| Cash | 10,000 | Bank Loan | 20,000 |
| Debtors | 30,000 | Share Capital | 50,000 |
| Stock | 40,000 | Retained Earnings | 10,000 |
| Total | 80,000 | Total | 80,000 |
What is the value of the company's retained earnings?
Question 10
A manufacturing company uses the process costing method to value its production costs. The following data is available for the year ended December 31, 2022: Direct materials: ₦500,000; Direct labor: ₦300,000; Overhead: ₦200,000. What is the total production cost for the year?
Question 11
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | 1,000 | |
| 2nd Jan | Bank | | 500 |
| 3rd Jan | Cash | | 800 |
What is the balance of the bank account?
Question 12
A company has the following transactions related to its departmental accounts:
Question 13
A company uses the self-balancing ledger system to value its accounts. The following data is available for the year ended December 31, 2022: Cash: ₦1,500,000; Accounts payable: ₦800,000; Accounts receivable: ₦600,000. What is the total assets for the year?
Question 14
A company uses the weighted average method to value its inventory. The following data is available for the year ended December 31, 2022: Cost of goods available for sale: ₦1,500,000; Net realizable value of ending inventory: ₦1,200,000; Beginning inventory: ₦800,000. What is the cost of goods sold for the year?
Question 15
A company's balance sheet as at December 31, 2022, is as follows:
Assets:
Cash: ₦500,000
Accounts receivable: ₦200,000
Inventory: ₦300,000
Total assets: ₦1,000,000
Liabilities:
Accounts payable: ₦150,000
Long-term debt: ₦250,000
Total liabilities: ₦400,000
What is the company's current ratio?
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