POST UTME COVENANT UNIVERSITY 2019 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's profit and loss account for the year ended December 31, 2022, shows a profit of ₦150,000. The company's balance sheet as at December 31, 2022, shows an asset of ₦500,000 and a liability of ₦200,000. What is the company's equity?
Question 2
A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. The profit-sharing ratio is 3:2. Calculate the profit to be distributed to each partner.
Question 3
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 4
A company's balance sheet as at December 31, 2022, shows an asset of ₦500,000 and a liability of ₦200,000. What is the company's equity?
Question 5
A company produces 500 units of a product at a cost of ₦50 per unit. What is the total cost of production?
Question 6
A company's cash book shows a credit balance of ₦15,000 in the cash account. However, the bank statement shows a debit balance of ₦20,000. What is the correct balance in the cash account?
Question 7
A company's final accounts for the year are as follows:
Question 8
A company's trial balance shows a discrepancy of ₦5,000. What is the correct procedure to rectify the discrepancy?
Question 9
A company's profit and loss account for the year ended December 31, 2022, shows the following:
Trading Profit: ₦200,000
Non-Trading Income: ₦50,000
What is the total profit?
Question 10
A company's trial balance contains the following accounts: Accounts Payable, Sales Revenue, Cost of Goods Sold, and Retained Earnings. The trial balance is as follows:
Question 11
The following is a partial statement of a manufacturing account for the year ended 31st December 2022:
Dr.
Work-in-Progress 1,500,000
Work-in-Progress 2,000,000
Cr.
Opening Work-in-Progress 1,000,000
Materials Consumed 800,000
Labour 400,000
What is the total value of work-in-progress at the end of the year?
Question 12
A company has a cash book balance of ₦120,000 and a bank statement balance of ₦150,000. The bank statement shows a credit balance of ₦10,000 for an outstanding cheque. The cash book shows a debit balance of ₦5,000 for an uncleared cheque. What is the correct balance of the company's cash account?
Question 13
A company has the following transactions related to its accounts receivable account:
Jan 1: Accounts receivable: ₦30,000
Jan 10: Sold goods on credit to customers: ₦25,000
Jan 15: Received cash from customers: ₦20,000
Jan 20: Sold goods on credit to customers: ₦35,000
What is the balance in the accounts receivable account on January 31?
Question 14
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. The issue expenses were £ 10,000. The company also issued 5,000 6% debentures of £ 100 each. Calculate the total amount received from the issue of shares and debentures.
Question 15
A company's accounting policy is to value its inventory at the lower of cost and net realizable value. The company's inventory is valued at ₦50,000 at the beginning of the year and ₦75,000 at the end of the year. What is the total amount of inventory written off during the year?
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