POST UTME CALEB UNIVERSITY 2022 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company purchased a machine for ₦200,000 and it is expected to have a useful life of 5 years. Calculate the annual depreciation using the straight-line method.
Question 2
A partnership consists of three partners, A, B, and C. The capital contributions of the partners are as follows: A ₦100,000, B ₦80,000, and C ₦120,000. The profit-sharing ratio is 3:2:1. What is the total profit of the partnership if the total profit is ₦150,000?
Question 3
A company has two departments: Manufacturing and Sales. The Manufacturing department has a balance of ₦120,000, and the Sales department has a balance of ₦80,000. If the company's total assets are ₦400,000, what is the balance of the Administration department?
Question 4
A company uses the double-entry system to record its transactions. The company has the following accounts: Cash, Accounts Payable, and Common Stock. The company's ledger is balanced as follows: Cash = ₦1000, Accounts Payable = ₦500, and Common Stock = ₦2000. What is the total value of the company's assets?
Question 5
A company uses the double-entry system to record transactions. The journal entry for the purchase of equipment on credit is as follows: Debit Equipment 10,000 and Credit Accounts Payable 10,000. What is the effect of this transaction on the accounting equation?
Question 6
A company uses a double-entry system to record its transactions. What is the purpose of the trial balance?
Question 7
A company has the following balance sheet as of December 31, 2022: Assets ₦500,000; Liabilities ₦200,000; Equity ₦300,000. What is the company's return on equity (ROE) for the year?
Question 8
A company issued 5,000, 10% debentures of ₦100 each at a premium of ₦10. Calculate the amount received from the issue of debentures.
Question 9
A company purchased a machine for ₦500,000 and it is expected to have a useful life of 5 years. Calculate the annual depreciation using the reducing balance method.
Question 10
A company has two departments: Manufacturing and Sales. The Manufacturing department has a balance of ₦120,000, and the Sales department has a balance of ₦80,000. If the company's total assets are ₦400,000, what is the balance of the Administration department?
Question 11
A company has the following trial balance: Accounts Receivable 50,000, Accounts Payable 30,000, and Common Stock 100,000. What is the total amount of assets?
Question 12
A partnership is dissolved when a partner dies. What is the accounting treatment for the deceased partner's share of the firm's assets and liabilities?
Question 13
A company uses a single-entry system to record its transactions. The company's trial balance as of December 31, 2022, is as follows: Cash ₦100,000; Accounts Receivable ₦50,000; Inventory ₦80,000; Equipment ₦200,000; Accumulated Depreciation ₦20,000; Accounts Payable ₦30,000; Salaries Payable ₦10,000. What is the company's net worth as of December 31, 2022?
Question 14
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the issue of debentures.
Question 15
A company issued 10,000, 5% preference shares of ₦10 each at a premium of ₦2. Calculate the amount received from the issue of preference shares.
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.
Unlock Full Access
Available for Android & Windows