POST UTME CHRISTOPHER UNIVERSITY 2022 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A government agency has the following transactions for the year ended December 31, 2022:
Receipts from taxes: ₦1,000,000
Expenditures for salaries: ₦500,000
Expenditures for utilities: ₦100,000
Determine the net surplus for the year.
Question 2
A company's balance sheet as at 31st December 2022 is as follows:
| Assets | ₦ | Liabilities | ₦ |
| --- | --- | --- | --- |
| Cash | 10,000 | Share Capital | 50,000 |
| Bank | 20,000 | Profit & Loss | 30,000 |
| Debtors | 15,000 | | |
| Creditors | 5,000 | | |
| | | | |
Calculate the total amount of equity in the company.
Question 3
A company's trial balance showed a debit balance of 10,000 in the accounts receivable account. However, the company's ledger showed a credit balance of 10,000 in the same account. What is the cause of this discrepancy?
Question 4
A manufacturing company produces two products, X and Y. The company's production costs for the year ended 31st December 2022 are as follows:
Product X: ₦200,000
Product Y: ₦300,000
Total production costs: ₦500,000
Determine the company's cost of goods sold for the year.
Question 5
A company's balance sheet as at 31st December 2022 is as follows:
| Assets | ₦ | Liabilities | ₦ |
| --- | --- | --- | --- |
| Cash | 10,000 | Share Capital | 50,000 |
| Bank | 20,000 | Profit & Loss | 30,000 |
| Debtors | 15,000 | | |
| Creditors | 5,000 | | |
| | | | |
Calculate the total amount of equity in the company.
Question 6
A company issued 10,000, 10% preference shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of these shares.
Question 7
A company issued 10,000, 10% preference shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of these shares.
Question 8
A company uses the following accounts: Cash, Accounts Payable, Accounts Receivable, Sales, Cost of Goods Sold, and Common Stock. What is the purpose of the Balance Sheet?
Question 9
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The proceeds from the issue were credited to a share capital account. Prepare the journal entry for the issue of shares.
Question 10
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable after 5 years. Prepare the debenture account.
Question 11
A partnership is formed between two partners, A and B, with a capital of ₦200,000 and ₦300,000 respectively. The profit-sharing ratio is 3:2. Calculate the profit-sharing ratio in terms of percentage.
Question 12
A partnership has the following capital balances:
Partner A: ₦500,000
Partner B: ₦300,000
Partner C: ₦200,000
Determine the total capital of the partnership.
Question 13
A company has the following transactions: Purchased office supplies for ₦10,000, Paid salaries of ₦50,000, and Sold goods for ₦100,000. What is the total amount of liabilities at the end of the period?
Question 14
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 | | 200 |
Calculate the balance in the cash book.
Question 15
Determine the amount of depreciation on a machine that cost ₦250,000 and has a useful life of 5 years, using the straight-line method. The machine is currently in its third year of use.
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