POST UTME BSU 2021 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company uses the single-entry system of accounting. The following transactions were recorded in the accounting period:
Question 2
A company uses the perpetual inventory system to account for its merchandise inventory. The company has a beginning inventory balance of ₦150,000, and during the year, it purchases merchandise for ₦200,000 and sells merchandise for ₦300,000. If the company's cost of goods sold is ₦250,000, what is the company's ending inventory balance?
Question 3
A company has the following transactions: Purchased goods for ₦10,000 cash, sold goods for ₦15,000 on credit, and paid ₦5,000 cash to a supplier. Prepare the journal entries for these transactions.
Question 4
A company uses a job costing system to account for its manufacturing activities. The company has two departments: Cutting and Assembly. The Cutting department has a balance of ₦120,000 in its work-in-progress account, while the Assembly department has a balance of ₦180,000 in its work-in-progress account. If the company's total work-in-progress balance is ₦300,000, what is the balance in the Cutting department's work-in-progress account after the Assembly department has completed its work?
Question 5
A manufacturing company uses a job costing system. The company incurred the following costs during the month: direct materials 10,000, direct labor 15,000, and overhead 20,000. If the company produced 1,000 units during the month, what is the total cost per unit?
Question 6
A company uses the single-entry system of accounting. The company's assets at the beginning of the year were ₦1,000,000, and the assets at the end of the year were ₦1,500,000. The company's expenses for the year were ₦200,000. Calculate the company's net income for the year.
Question 7
A company's trial balance shows the following balances: Accounts Payable ( ₦ 150,000 ), Accounts Receivable ( ₦ 200,000 ), Sales Revenue ( ₦ 500,000 ), Cost of Goods Sold ( ₦ 300,000 ). Determine the correct balance for the company's Cash account.
Question 8
A company's assets depreciated as follows: building ₦150,000, machinery ₦80,000, and vehicles ₦30,000. Calculate the total depreciation.
Question 9
A company's cash book shows the following transactions:
Question 10
A company's cash book showed the following transactions: cash received from customers ₦120,000, cash paid to suppliers ₦80,000, and cash paid to employees ₦60,000. Calculate the net cash flow.
Question 11
A company's financial statements show the following balances: Trading Profit ( ₦ 300,000 ), Non-Current Assets ( ₦ 600,000 ), Current Liabilities ( ₦ 250,000 ). Determine the correct balance for the company's Equity account.
Question 12
A company has the following ledger balances: Share Capital ₦10,000, Cash ₦5,000. Prepare the trial balance.
Question 13
Determine the correct order of operations for the following expression: ( rac{1}{2} imes (3 + 4) div (2 - 1) ).
Question 14
A sole proprietorship has a balance of ₦500,000 in its capital account. The proprietor withdraws ₦100,000 from the business during the year. If the business has a net income of ₦200,000, what is the new balance in the proprietor's capital account?
Question 15
A company's financial statements show the following balances: Trading Profit ( ₦ 100,000 ), Non-Current Assets ( ₦ 500,000 ), Current Liabilities ( ₦ 200,000 ). Determine the correct balance for the company's Equity account.
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