POST UTME COVENANT UNIVERSITY 2024 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company has a depreciation policy of 10% per annum on its assets. If the asset value is ₦100,000, what is the depreciation expense for the first year?
Question 2
A company's cash book shows a debit balance of ₦150,000. The bank statement shows a credit balance of ₦180,000. The difference between the two balances is ₦30,000. What is the reason for this difference?
Question 3
A company produces two products, X and Y, using two machines, M1 and M2. The production process for X requires 2 hours on M1 and 3 hours on M2, while the production process for Y requires 3 hours on M1 and 2 hours on M2. If the company operates for 24 hours, and M1 and M2 operate for 12 hours each, what is the maximum number of units of product X that can be produced?
Question 4
A company has the following transactions in its manufacturing account for the year:
Raw Materials Purchased: ₦150,000
Work-in-Progress: ₦120,000
Finished Goods: ₦180,000
What is the total cost of goods manufactured for the year?
Question 5
A company has the following transactions in its trial balance for the year:
Debit: ₦150,000
Credit: ₦120,000
What is the net change in the company's equity for the year?
Question 6
A company uses the perpetual inventory system. On January 1, it had 500 units of inventory with a cost of ₦100 each. During the month, 200 units were sold, and 300 units were purchased at a cost of ₦120 each. Prepare the journal entry to record the purchase and sale of inventory.
Question 7
A company has two partners, A and B. Partner A has a capital of ₦200,000, and partner B has a capital of ₦150,000. The company makes a profit of ₦50,000. What is the share of profit of partner A?
Question 8
A company issues 2,000 shares of ₦20 each at a premium of ₦10 per share. The total amount received from the issue of shares is ₦240,000. What is the amount received from the issue of shares at a premium?
Question 9
A company has the following balance sheet as at December 31:
Question 10
A company uses the perpetual inventory system. The company has the following transactions in its inventory account for the year:
Purchases: ₦150,000
Sales: ₦180,000
What is the net change in inventory for the year?
Question 11
A government agency has a budget of ₦5,000,000 for a project. The project requires an initial investment of ₦2,000,000 and a recurring expense of ₦1,000,000 per year for 5 years. What is the total cost of the project?
Question 12
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. The total amount received from the issue of shares is ₦1,100,000. What is the amount received from the issue of shares at a premium?
Question 13
A company's assets are ₦500,000, liabilities are ₦200,000, and equity is ₦300,000. What is the return on equity (ROE) of the company?
Question 14
A company has the following transactions for the year:
Question 15
A company's trading account shows a profit of ₦1,500,000. The balance sheet shows a decrease in inventory of ₦200,000 and an increase in accounts payable of ₦300,000. What is the net effect on the company's cash position?
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