POST UTME COVENANT UNIVERSITY 2017 Accounting | Objective
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Question 1
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 2
A company issued 5,000 shares of 10 par value at a premium of 5 per share. If the total amount received from the issue of shares is 250,000, calculate the amount of share capital and the amount of share premium.
Question 3
A company has the following ledger balances: Accounts Payable 40,000, Accounts Receivable 20,000, Common Stock 80,000, Dividends 15,000. If the company's total assets are 220,000, calculate the amount of Retained Earnings.
Question 4
A company has the following ledger balances: Accounts Payable 50,000, Accounts Receivable 30,000, Common Stock 100,000, Dividends 20,000. If the company's total assets are 250,000, calculate the amount of Retained Earnings.
Question 5
A company purchased a machine for ₦150,000. Depreciation is calculated using the reducing balance method. If the machine is expected to last for 5 years, calculate the annual depreciation.
Question 6
A company's balance sheet as at 31st December 2022 is as follows: Equity: ₦500,000; Liabilities: ₦1,000,000. Calculate the company's capital.
Question 7
A company has the following information: Depreciation Expense 10,000, Accumulated Depreciation 20,000, Cost of Goods Sold 50,000, Sales Revenue 100,000. If the company's net income is 30,000, calculate the amount of Gross Profit.
Question 8
A company's financial statements show a decrease in its current liabilities by ₦30,000 and an increase in its non-current assets by ₦40,000. What is the net effect on the company's working capital?
Question 9
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦150,000. The company's cash book has the following transactions:
Debit: ₦30,000, Credit: ₦20,000. What is the reason for the discrepancy between the cash book balance and the bank statement balance?
Question 10
A company's cash book at December 31, 2017, showed the following balances:
Question 11
A company's assets are valued at ₦500,000, ₦300,000, and ₦200,000. The company's liabilities are ₦100,000 and ₦50,000. What is the company's net worth?
Question 12
A company's profit and loss account for the year ended 31st December 2022 is as follows: Sales: ₦1,500,000; Cost of Goods Sold: ₦1,200,000; Gross Profit: ₦300,000; Operating Expenses: ₦100,000; Net Profit: ₦200,000. Calculate the company's net profit percentage.
Question 13
A company's trial balance shows a credit balance of ₦25,000 in the account 'Dividend Paid'. What is the correct treatment of this account in the company's financial statements?
Question 14
A company's manufacturing accounts at December 31, 2017, showed the following balances:
Question 15
A company's trading account for the year ended 31st December 2022 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Returns Outwards: ₦50,000; Returns Inwards: ₦20,000. Calculate the cost of goods sold.
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