POST UTME BOWEN UNIVERSITY 2025 Accounting | Objective
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Question 1
A company uses the perpetual inventory system. On January 1, 2024, it had 500 units of a product in stock, valued at ₦150 each. During the year, 300 units were sold, and 200 units were purchased at ₦200 each. If the company uses the FIFO method to value its inventory, what is the total value of inventory on December 31, 2024?
Question 2
A company uses the single-entry system of accounting. The company's assets, liabilities, and equity at the beginning of the year were ₦100,000, ₦50,000, and ₦50,000, respectively. During the year, the company purchased equipment for ₦20,000 and sold goods for ₦30,000. The company's net income for the year is ₦
Question 3
A company's bank reconciliation statement as at 31st December, 2024 is as follows:
Question 4
A company prepares a trial balance as at 31 Dec. The trial balance shows the following balances:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | ₦50,000 | |
| Bank | | ₦100,000 |
| Accounts Payable | ₦20,000 | |
| Accounts Receivable | | ₦30,000 |
What is the net effect of the above transactions on the company's assets?
Question 5
A company's trial balance as at 31st December, 2024 is as follows:
Question 6
A company's cash book shows the following transactions: Cash received from customers ₦150,000, Cash paid to suppliers ₦80,000, Cash paid to employees ₦60,000, and Cash received from bank ₦20,000. Calculate the net increase in cash.
Question 7
A company's departmental accounts for the year ended 31st December 2024 showed the following: Sales ₦ 200,000, Cost of goods sold ₦ 150,000, Gross profit ₦ 50,000. Calculate the net profit.
Question 8
A company issues 10,000 shares of ₦5 each at a premium of ₦2 per share. If the company receives a cash payment of ₦50,000, what is the amount received from the sale of shares?
Question 9
A company's trial balance showed an error of ₦ 1,000 in the debit side of the cash account. The correct balance of the cash account is ₦ 20,000. Prepare the correcting journal entry.
Question 10
A manufacturing company has the following production costs: Direct Materials ₦120,000, Direct Labour ₦80,000, and Overheads ₦60,000. Calculate the total production cost.
Question 11
A company uses the job order costing system. On January 1, 2024, it had a work-in-progress inventory of ₦50,000. During the year, it incurred direct materials costs of ₦100,000 and direct labor costs of ₦150,000. If the company uses the variable costing method, what is the total cost of goods manufactured for the year?
Question 12
A company issued 5% debentures of ₦ 100 each at a premium of ₦ 10. The debentures are redeemable after 5 years. Calculate the annual charge on the debentures.
Question 13
A company issues 10,000, 9% shares of ₦10 each at a premium of ₦2. Calculate the amount received from shareholders.
Question 14
A company uses the perpetual inventory system. The cost of goods available for sale at the beginning of the year is ₦1,500,000. During the year, purchases amounting to ₦2,000,000 were made, and the cost of goods sold was ₦1,800,000. Calculate the value of closing stock.
Question 15
A company uses the straight-line method of depreciation for its assets. If an asset with a cost of ₦120,000 and a residual value of ₦20,000 is depreciated over 5 years, what is the annual depreciation charge?
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