POST UTME CALEB UNIVERSITY 2018 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company has the following transactions: Purchased office equipment for 10,000; sold office equipment for 8,000; purchased office supplies for 1,500. What is the net increase in office equipment?
Question 2
A company's balance sheet as at 31st December 2022 is as follows:
Assets: ₦1,500,000; Liabilities: ₦1,000,000. Calculate the company's equity.
Question 3
A company's balance sheet as at 31st December 2022 is as follows:
Assets:
Cash: ₦500,000
Accounts receivable: ₦200,000
Inventory: ₦300,000
Prepaid rent: ₦50,000
Equipment: ₦100,000
Accumulated depreciation: ₦20,000
Total assets: ₦1,260,000
Liabilities:
Accounts payable: ₦150,000
Salaries payable: ₦30,000
Taxes payable: ₦20,000
Total liabilities: ₦200,000
What is the total amount of equity?
Question 4
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
Question 5
A company has a cash book balance of ₦200,000. The bank statement shows a balance of ₦220,000. What is the correct balance of the company's cash book?
Question 6
A company's bank statement shows a balance of ₦50,000, but its cash book shows a balance of ₦60,000. The bank statement also shows a debit of ₦10,000 for a cheque that has been returned. What is the correct balance of the company's cash?
Question 7
A company's trial balance showed the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. Prepare the company's balance sheet.
Question 8
A company's cash book shows a balance of ₦150,000, but the bank statement shows a balance of ₦180,000. The bank statement also shows a debit of ₦20,000 for a dishonored cheque. What is the correct balance of the company's cash book?
Question 9
A partnership has two partners, A and B. The capital accounts of A and B are ₦100,000 and ₦80,000 respectively. The profit-sharing ratio is 3:2. What is the total profit for the year?
Question 10
A company issued 10,000 shares of 1 par value at a premium of 2 per share. If the company received a total of 20,000 from the sale of these shares, what is the total amount of the premium received?
Question 11
A company uses the straight-line method of depreciation. If the cost of the asset is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
Question 12
A company issued 20,000 ordinary shares of ₦10 each. Calculate the total amount received from ordinary shareholders.
Question 13
A company's balance sheet as at 31 December 20X8 is as follows:
| Assets | ₦ | Liabilities | ₦ | Capital | ₦ |
| --- | --- | --- | --- | --- |
| Cash | 5,000 | Debentures | 10,000 | | 20,000 |
| Stock | 30,000 | Bank Loan | 15,000 | | |
| Debtors | 20,000 | Creditors | 8,000 | | |
| | | | | | |
| | 55,000 | | | 20,000 | 20,000 |
What is the amount of the company's capital?
Question 14
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the share issue.
Question 15
A company issues 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
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