POST UTME BSU 2022 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's trading account for the year ended 31st December shows the following:
| Particulars | Debit | Credit |
| --- | --- | --- |
| Sales | ₦500,000 | |
| Purchases | | ₦350,000 |
| Returns Outwards | ₦20,000 | |
| Returns Inwards | | ₦15,000 |
What is the gross profit?
Question 2
A company's income statement shows the following accounts: Sales ₦2,000,000, Cost of Goods Sold ₦1,200,000, Gross Profit ₦800,000, Operating Expenses ₦200,000, and Net Income ₦600,000. What is the gross profit margin?
Question 3
A partnership is formed between two individuals, A and B, with a capital contribution of ₦500,000 and ₦300,000 respectively. The partnership agreement states that the profits and losses will be shared in the ratio 3:2. If the partnership incurred a loss of ₦120,000, how much will A's share of the loss be?
Question 4
A company's balance sheet as at 31st December 2022 is as follows: Assets: ₦2,500,000; Liabilities: ₦1,500,000; Capital: ₦1,000,000. Calculate the debt-equity ratio.
Question 5
A company's profit and loss account for the year ended December 31, 2022, shows a net profit of ₦200,000. The company's balance sheet as at December 31, 2022, shows total assets of ₦1,500,000 and total liabilities of ₦800,000. What is the company's return on equity (ROE) for the year?
Question 6
A government agency is required to prepare a budget for the upcoming fiscal year. The budget must include a detailed breakdown of projected revenues and expenditures. Which of the following types of budgets is most suitable for this purpose?
Question 7
A company uses the double-entry system of accounting. The company's ledger shows the following transactions: Debit Cash ₦1,000, Credit Accounts Payable ₦1,000. What is the effect of this transaction on the company's financial position?
Question 8
A company's balance sheet shows the following accounts: Cash ₦500,000, Accounts Payable ₦200,000, Common Stock ₦1,000,000, and Retained Earnings ₦300,000. What is the total equity of the company?
Question 9
A company issues 10,000 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
Question 10
A company's balance sheet shows a current asset of ₦50,000 and a current liability of ₦30,000. What is the net working capital?
Question 11
A company's balance sheet as at December 31, 2022, shows total assets of ₦1,500,000 and total liabilities of ₦800,000. What is the company's equity?
Question 12
A company's trial balance shows an error of ₦10,000 due to an incorrect posting of a transaction. The error is discovered during the preparation of the income statement. What is the correct procedure to rectify this error?
Question 13
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | ₦10,000 | |
| 2nd Jan | Bank | | ₦15,000 |
| 3rd Jan | Cash | ₦8,000 | |
| 4th Jan | Bank | | ₦12,000 |
What is the balance in the cash book?
Question 14
A company issued 10,000 shares of ₦1 each at a premium of ₦0.50 per share. Calculate the total amount received from the issue of shares.
Question 15
Determine the amount of depreciation on a machine that cost ₦120,000 and has a useful life of 5 years, using the straight-line method. The machine is expected to be sold for ₦20,000 after 5 years.
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