POST UTME CALEB UNIVERSITY 2020 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company has the following trial balance: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, and Common Stock ₦100,000. What is the total equity of the company?
Question 2
A company uses the straight-line method to depreciate its assets. If the asset has a useful life of 5 years and a residual value of ₦50,000, calculate the annual depreciation.
Question 3
A company's Balance Sheet as at 31st December, 2022, showed the following balances: Share Capital ₦100,000, Retained Earnings ₦50,000, Accumulated Depreciation ₦20,000, Plant and Machinery ₦80,000, Investments ₦30,000. Prepare the Balance Sheet for the year.
Question 4
A company uses the single-entry system of accounting. The following transactions were recorded in the accounting period: Purchased office supplies for ₦5,000, sold goods for ₦20,000, and paid rent of ₦8,000. Prepare a trial balance as at the end of the accounting period.
Question 5
A company uses the double-entry system of accounting. The following transactions were recorded in the accounting period: Purchased office supplies for ₦5,000, sold goods for ₦20,000, and paid rent of ₦8,000. Prepare a trial balance as at the end of the accounting period.
Question 6
A government agency has a budget of ₦1,000,000 for the year. The agency has spent ₦800,000 on salaries and ₦150,000 on supplies. What is the amount of the agency's unspent budget?
Question 7
A company's balance sheet shows a decrease in inventory of ₦10,000. What is the effect on the company's net income?
Question 8
A partnership has two partners, A and B. The partnership agreement states that the profits and losses will be shared in the ratio 3:2. If the total profit for the year is ₦120,000, how much will partner A receive?
Question 9
A company's cash book showed the following transactions: Cash received from customers ₦50,000, Cash paid to suppliers ₦30,000, Cash received from bank ₦20,000. Prepare a bank reconciliation statement.
Question 10
A company's balance sheet shows a decrease in accounts payable of ₦15,000. What is the effect on the company's net income?
Question 11
A company uses the double-entry system of accounting. The following transactions were recorded in the accounting period: Purchased office supplies for ₦5,000, sold goods for ₦20,000, and paid rent of ₦8,000. Prepare a trial balance as at the end of the accounting period.
Question 12
A company's assets consist of a building worth ₦1,000,000, a machine worth ₦500,000, and an investment worth ₦200,000. Calculate the total value of the assets using the weighted average method.
Question 13
A company has the following transactions: Purchased office supplies for ₦10,000, Sold office supplies for ₦5,000, and Purchased a new computer for ₦20,000. What is the net effect on the company's cash balance?
Question 14
A company's trial balance shows the following balances: Accounts Payable ₦200,000, Accounts Receivable ₦150,000, and Common Stock ₦500,000. Calculate the total equity.
Question 15
A company uses the single entry system. The company's accountant has recorded the following transactions: Purchase of goods for ₦50,000, Sales of goods for ₦60,000, and Purchase of equipment for ₦20,000. What is the total amount of assets on the balance sheet?
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