POST UTME CALEB UNIVERSITY 2017 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A business maintains a cash book and a general ledger. The cash book shows the following transactions:
Question 2
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 inventory has a cost of ₦100,000 and a quantity of 100 units. The work-in-progress inventory has a cost of ₦150,000 and a quantity of 50 units. The finished goods inventory has a cost of ₦200,000 and a quantity of 200 units. What is the total value of the inventory?
Question 3
A company's cash book shows a balance of ₦200,000. However, the bank statement shows a balance of ₦180,000. The bank reconciliation statement reveals that there is an outstanding cheque of ₦10,000 and a deposit in transit of ₦5,000. What is the correct balance of the company's cash book?
Question 4
A company's cash book shows a balance of ₦150,000. However, the bank statement shows a balance of ₦120,000. The bank reconciliation statement reveals that there is an outstanding cheque of ₦20,000 and a deposit in transit of ₦10,000. What is the correct balance of the company's cash book?
Question 5
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. The profit for the year is ₦200,000. Calculate the share of profit for A.
Question 6
A company's financial statements for the year ended December 31, 2016, are as follows: Profit before tax: ₦1,500,000; Tax expense: ₦300,000; Profit after tax: ₦1,200,000. Calculate the company's earnings per share (EPS) if the number of ordinary shares in issue is 200,000.
Question 7
A company has a control account for its cash account, which shows a balance of ₦50,000. The cash book shows a balance of ₦60,000. What is the likely reason for the discrepancy?
Question 8
A company's balance sheet shows a non-current asset of ₦200,000 and a non-current liability of ₦180,000. The company's net working capital is:
Question 9
A company has the following transactions: Purchased goods for ₦100,000; sold goods for ₦120,000; and returned goods worth ₦10,000 to the supplier. Prepare the journal entries for these transactions.
Question 10
A company purchases a building for ₦1,500,000 and depreciates it using the straight-line method over a useful life of 10 years. Calculate the annual depreciation charge if the building is expected to have a residual value of ₦150,000.
Question 11
A company's income statement for the year ended December 31, 2022, shows the following: Sales ₦500,000, Cost of Goods Sold ₦300,000, Gross Profit ₦200,000, Operating Expenses ₦100,000, and Net Profit ₦100,000. What is the gross profit margin?
Question 12
A business has the following balances in its ledger accounts:
Question 13
A company's balance sheet shows a current asset of ₦150,000 and a current liability of ₦120,000. The company's working capital is:
Question 14
A government agency has a fixed asset of ₦10 million, which is depreciated by 10% per annum. What is the carrying value of the asset after 3 years?
Question 15
A company's trial balance as at December 31, 2016, is as follows: Accounts Receivable: ₦500,000; Accounts Payable: ₦300,000; Common Stock: ₦1,000,000; Retained Earnings: ₦800,000. Prepare a balance sheet for the company as at December 31, 2016.
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