POST UTME CHRISTOPHER UNIVERSITY 2023 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's trading account shows a profit of ₦1,500,000. The balance sheet shows a decrease in inventory of ₦800,000 and an increase in accounts payable of ₦300,000. What is the net effect on the company's cash position?
Question 2
A manufacturing company has the following costs: Direct Materials ₦150,000, Direct Labor ₦100,000, and Manufacturing Overhead ₦50,000. Determine the total cost of production.
Question 3
A company's balance sheet shows a current ratio of 2:1. If the company's current assets are ₦3,000,000 and its current liabilities are ₦1,500,000, what is the company's quick ratio?
Question 4
A company's balance sheet shows a current ratio of 2:1. If the current assets are ₦400,000 and the current liabilities are ₦200,000, what is the value of the non-current assets?
Question 5
A company's balance sheet as at 31st December 2022 is as follows:
Assets:
₦100,000 (Cash)
₦50,000 (Accounts Receivable)
₦20,000 (Inventory)
₦30,000 (Prepaid Rent)
₦25,000 (Prepaid Insurance)
₦15,000 (Accrued Expenses)
Liabilities:
₦80,000 (Accounts Payable)
₦40,000 (Notes Payable)
₦60,000 (Long-term Debt)
Identify the type of account that is not a current asset.
Question 6
A company's trial balance as at 31st December 2022 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Returns Outwards: ₦50,000; Returns Inwards: ₦20,000. Prepare the trading account.
Question 7
A company uses the single entry system of accounting. The following transactions occurred during the year:
Deposits: ₦100,000, ₦50,000, ₦20,000
Withdrawals: ₦30,000, ₦25,000, ₦15,000
Sales: ₦80,000, ₦40,000, ₦60,000
Purchases: ₦120,000, ₦90,000, ₦80,000
Calculate the net profit for the year.
Question 8
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 expected to be sold for ₦50,000 at the end of its useful life.
Question 9
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received from the issue of shares?
Question 10
A company's balance sheet as at 31st December 2022 is as follows: Equity Share Capital: ₦500,000; Profit & Loss A/c: ₦200,000; Retained Earnings: ₦150,000. Prepare the equity section of the balance sheet.
Question 11
A company has the following trial balance: Debit ₦400,000, Credit ₦500,000. What is the correct treatment for the difference?
Question 12
A company has the following transactions in its trial balance: Accounts Payable ₦100,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦200,000, and Common Stock ₦300,000. Determine the net income of the company.
Question 13
A partnership is formed between two partners, A and B, with a capital of ₦200,000 and ₦300,000 respectively. After 2 years, A withdraws ₦50,000 and B introduces an additional ₦20,000. Calculate the new ratio of A's and B's capital.
Question 14
A company has the following incomplete records: Sales ₦500,000, Purchases ₦300,000. What is the correct method to determine the cost of goods sold?
Question 15
A government agency has the following transactions: Salaries ₦200,000, Rent ₦50,000, and Utilities ₦30,000. Determine the total expenses of the agency.
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