POST UTME COAL CITY UNIVERSITY 2023 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company uses the double-entry system to record its transactions. The company's cash book shows a balance of ₦125,000. However, the bank statement shows a balance of ₦120,000. The difference of ₦5,000 is due to a bank charge of ₦2,000 and a cheque deposited but not yet credited by the bank. What is the correct journal entry to record the bank charge?
Question 2
A company purchases a machine for ₦1,000,000 and depreciates it by 10% per annum using the straight-line method. Calculate the depreciation for the first year.
Question 3
A company issues 10,000, 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
Question 4
A company's ledger shows the following balances: Debtors A/c ₦50,000, Creditors A/c ₦30,000, Capital A/c ₦100,000, and Profit and Loss A/c ₦20,000. What is the total value of the company's assets?
Question 5
A manufacturing company uses the process costing method to account for its production costs. The company's production costs for the month of January 2023 are as follows:
Direct Materials ¡ 100,000
Direct Labor ¡ 150,000
Manufacturing Overhead ¡ 200,000
What is the total production cost for the month?
Question 6
A manufacturing company uses the process costing method to account for its production costs. The company's production costs for the month of January 2023 are as follows:
Direct Materials ¡ 100,000
Direct Labor ¡ 150,000
Manufacturing Overhead ¡ 200,000
What is the total production cost for the month?
Question 7
A company has a cash book balance of ₦200,000. The bank statement shows a balance of ₦220,000. The difference is due to a bank overdraft of ₦20,000. Calculate the cash book balance after reconciliation.
Question 8
A company uses the double-entry system to record its transactions. The company's cash book shows a balance of ₦125,000. However, the bank statement shows a balance of ₦120,000. The difference of ₦5,000 is due to a bank charge of ₦2,000 and a cheque deposited but not yet credited by the bank. What is the correct journal entry to record the bank charge?
Question 9
A company uses the double-entry system of accounting. The following transactions occurred during the month of January:
Purchase of office supplies for ₦10,000 cash
Sale of goods for ₦50,000 on credit
Payment of salaries of ₦20,000 by cheque
What is the total amount of cash transactions for the month of January?
Question 10
A company uses the single-entry system of accounting. The company's trial balance as at 31st December 2022 is as follows:
Debit:
Cash ¡ 500,000
Accounts Payable ¡ 200,000
Sales Revenue ¡ 1,000,000
Cost of Goods Sold ¡ 600,000
Credit:
Accounts Receivable ¡ 300,000
Common Stock ¡ 800,000
Dividends ¡ 100,000
Equipment ¡ 400,000
What is the company's net income for the year?
Question 11
A company's assets are valued at ₦500,000. The company's liabilities are ₦200,000. What is the company's net worth?
Question 12
In a partnership account, the capital of two partners, A and B, is shared in the ratio 3:2. If the total capital is ₦1,500,000, and A withdraws ₦200,000, what is the new ratio of A's capital to B's capital?
Question 13
A company's trial balance shows an error of ₦1,500 in the debit side of the account 'Rent Paid'. The correct amount of rent paid is ₦20,000. What is the correct balance in the account 'Rent Paid'?
Question 14
A company's trial balance shows an error of ₦1,500 in the debit side of the account 'Rent Received'. The correct amount of rent received is ₦20,000. What is the correct balance in the account 'Rent Received'?
Question 15
A company's ledger shows the following balances: Debtors A/c ₦50,000, Creditors A/c ₦30,000, Capital A/c ₦100,000, and Profit and Loss A/c ₦20,000. What is the total value of the company's assets?
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