POST UTME BSU 2023 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's balance sheet as at 31st December 2022 is as follows:
Assets:
₦500,000
Liabilities:
₦300,000
What is the company's net worth?
Question 2
A company has the following transactions: Purchased office supplies for ₦10,000; Paid salaries of ₦50,000; Purchased equipment for ₦200,000. What is the total amount of cash outflows?
Question 3
A company's trial balance shows an error of ₦5,000 due to an omission of a transaction. The company's assets are ₦200,000, liabilities are ₦80,000, and equity is ₦120,000. What is the correct amount of equity after adjusting for the error?
Question 4
A company has the following bank statement: Opening Balance = ₦50,000; Deposits = ₦150,000; Withdrawals = ₦100,000. What is the Closing Balance?
Question 5
A partnership agreement between two partners, A and B, states that profits and losses are to be shared in the ratio 3:2. The partnership's profit for the year ended 31st December 2022 is ₦240,000. Calculate A's share of the profit.
Question 6
A company uses the single-entry system of accounting. The company's trial balance as at 31st December 2022 is as follows:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | ₦100,000 | ₦0 |
| Accounts Payable | ₦0 | ₦50,000 |
| Sales Revenue | ₦0 | ₦150,000 |
| Cost of Goods Sold | ₦0 | ₦80,000 |
| Net Income | ₦0 | ₦0 |
| Total | ₦100,000 | ₦280,000 |
What is the amount of the company's net income for the year ended 31st December 2022?
Question 7
A company purchases a building for ₦2,000,000 and sells it after 5 years for ₦2,500,000. Calculate the gain on sale of the building.
Question 8
A company uses the single-entry system of accounting. The company's trial balance as at 31st December 2022 is as follows:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | ₦200,000 | ₦0 |
| Accounts Payable | ₦0 | ₦90,000 |
| Sales Revenue | ₦0 | ₦270,000 |
| Cost of Goods Sold | ₦0 | ₦160,000 |
| Net Income | ₦0 | ₦0 |
| Total | ₦200,000 | ₦510,000 |
What is the amount of the company's net income for the year ended 31st December 2022?
Question 9
A manufacturing company uses the weighted average method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The raw materials have a cost of ₦100,000 and a quantity of 100 units. The work-in-progress has a cost of ₦200,000 and a quantity of 50 units. The finished goods have a cost of ₦300,000 and a quantity of 200 units. What is the total value of the inventory?
Question 10
A manufacturing company has the following data for the year ended December 31, 2022: Cost of Goods Sold = ₦1,500,000; Gross Profit = ₦750,000; Sales = ₦2,250,000. Calculate the Gross Profit Ratio.
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 |
| 4th Jan | Bank | | 300 |
What is the balance of the cash book?
Question 12
A company issued 5,000, 10% debentures of ₦100 each. The debentures are redeemable at the end of 5 years. The company pays an annual interest of 5% on the debentures. Calculate the total interest paid by the company for the first 2 years.
Question 13
A company's profit and loss account for the year ended 31st December 2022 is as follows:
Turnover: ₦1,000,000
Cost of Goods Sold: ₦600,000
Gross Profit: ₦400,000
Operating Expenses: ₦150,000
Net Profit: ₦250,000
What is the company's gross profit margin?
Question 14
A company's trading account for the year ended 31st December 2022 is as follows:
Debit:
Sundry Creditors: ₦120,000
Wages: ₦150,000
Rent: ₦80,000
Profit on Sale of Assets: ₦30,000
Credit:
Sales: ₦1,200,000
Purchases: ₦900,000
Bank Charges: ₦20,000
Interest Received: ₦10,000
Calculate the company's net profit for the year.
Question 15
A company issues 5-year debentures of ₦10,000 each at 10% interest per annum. If the debentures are redeemed at the end of the 5-year period, what is the total amount paid to the debenture holders?
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