POST UTME DELSU 2021 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A partnership is formed between two partners, A and B, with a capital contribution of ₦1,00,000 and ₦0,50,000 respectively. If the profit-sharing ratio is 3:2, what is the share of profit of partner A?
Question 2
A company maintains a cash book and a general ledger. The cash book shows the following transactions:
₦10,000 received from a customer
₦5,000 paid to a supplier
₦8,000 received from a customer
₦3,000 paid to a supplier
Determine the bank reconciliation statement.
Question 3
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Calculate the amount of discount on the debentures.
Question 4
A company issued 10,000, 10% shares of ₦10 each at a premium of 20%. The company pays annual dividend of 5% on the face value of the shares. Calculate the amount of dividend paid annually.
Question 5
A company's trial balance shows a discrepancy of ₦1,500 between the debit and credit sides. The company's accountant has identified the following errors: (i) an incorrect posting of a debit of ₦2,000 to the wrong account, (ii) an incorrect posting of a credit of ₦1,500 to the wrong account, and (iii) an incorrect posting of a debit of ₦500 to the wrong account. What is the correct amount of the discrepancy?
Question 6
A company has two partners, A and B. The company's capital account shows a balance of ₦25,000. Partner A's capital account shows a balance of ₦12,000, and Partner B's capital account shows a balance of ₦8,000. What is the ratio of Partner A's capital to Partner B's capital?
Question 7
A company's income statement for the year ended December 31, 2020, shows the following: Revenue ₦1,000,000, Cost of Goods Sold ₦600,000, Gross Profit ₦400,000, Operating Expenses ₦150,000, and Net Income ₦250,000. What is the company's gross profit margin?
Question 8
A company issued 5,000 shares of ₦10 each at a premium of ₦2 per share. Calculate the total amount received from the issue of shares.
Question 9
A company has the following transactions: Purchased an asset for ₦1,000,000, Sold an asset for ₦800,000, and Paid a dividend of ₦200,000. What is the net effect on the company's equity?
Question 10
A company uses the double-entry system of accounting. If the company purchases an asset for ₦500,000 and pays ₦200,000 in cash, what is the journal entry to record the purchase?
Question 11
A company uses the single entry system of accounting. The following transactions occurred during the year:
Deposits: ₦50,000, ₦20,000, ₦15,000
Withdrawals: ₦30,000, ₦12,000
Sales: ₦80,000, ₦25,000
Cost of Goods Sold: ₦40,000, ₦18,000
Determine the net profit or loss for the year.
Question 12
A company's bank reconciliation statement as at 31st December, 2020, showed the following balances: Bank Balance ₦500,000, Cash in Bank ₦200,000, Outstanding Cheques ₦50,000, Deposits in Transit ₦30,000. Prepare the company's bank reconciliation statement.
Question 13
A government agency is required to prepare a budget for the upcoming fiscal year. The budget includes the following items: Revenue ₡0,000,000, Expenditure ₡2,000,000. What is the budget deficit?
Question 14
A company has two partners, A and B. The company's capital account shows a balance of ₦20,000. Partner A's capital account shows a balance of ₦10,000, and Partner B's capital account shows a balance of ₦5,000. What is the ratio of Partner A's capital to Partner B's capital?
Question 15
A company's trial balance shows the following balances:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | 1,000 | |
| Bank | | 1,000 |
| Sales | | 10,000 |
| Purchases | 8,000 | |
| Capital | | 12,000 |
What is the error in the trial balance?
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