POST UTME DELSU 2022 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company uses the weighted average method to value its inventory. The following data is available: Cost of Goods Available for Sale ₦150,000, Beginning Inventory ₦50,000, Purchases ₦100,000, and Ending Inventory ₦80,000. What is the cost of goods sold?
Question 2
A company uses the single-entry system of accounting. The company's cash account shows a balance of ₦120,000. The company's bank statement shows a balance of ₦110,000. The bank charges a service fee of ₦1,500. What is the correct journal entry to record the bank service fee?
Question 3
A company has two departments, A and B. Department A has a balance of ₦150,000 in its control account, while department B has a balance of ₦75,000. If the company's total assets are ₦1,200,000, and the total liabilities are ₦500,000, what is the balance in the company's control account?
Question 4
A company issued 10,000 shares of 50% preference shares at ₦10 each. The company also issued 10,000 ordinary shares at ₦5 each. Calculate the total amount received from the issue of shares.
Question 5
A company's ledger shows the following transactions: Debit: ₦10,000; Credit: ₦8,000. What is the net effect of these transactions on the company's assets and liabilities?
Question 6
A company has the following transactions: Purchased office supplies for ₦15,000; Purchased a new computer for ₦80,000; Sold goods for ₦120,000. What is the total amount of liabilities?
Question 7
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
Question 8
A company's balance sheet at the beginning of the year showed a capital of ₦50,000 and a profit and loss account balance of ₦20,000. The company's trading account for the year ended 31st December 2022 shows a profit of ₦150,000. The company's balance sheet at the end of the year showed a capital of ₦200,000 and a profit and loss account balance of ₦100,000. Calculate the company's net profit for the year.
Question 9
A company purchased a machine for ₦200,000. Depreciation is provided using the straight-line method at 10% per annum. Calculate the amount of depreciation for the first year.
Question 10
A company's financial statements show the following: Net Income ₦100,000, Dividends ₦20,000, and Retained Earnings ₦80,000. What is the correct amount of dividends paid?
Question 11
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 shared by A.
Question 12
A company has the following transactions: Purchased office supplies for ₦15,000; Purchased a new computer for ₦80,000; Sold goods for ₦120,000. What is the total amount of revenue?
Question 13
A company produces two products, A and B, using two machines, M1 and M2. The production process for product A requires 2 hours on M1 and 3 hours on M2, while product B requires 3 hours on M1 and 2 hours on M2. If the company operates for 24 hours, and M1 and M2 are used for 16 hours and 8 hours respectively, what is the total production of product A and product B?
Question 14
A company's trial balance shows a discrepancy of ₦1,500 between the debit and credit sides. The company's accountant suspects that the discrepancy is due to an error in the posting of a transaction. Which of the following steps should the accountant take first?
Question 15
A partnership was formed on January 1, 2022, between three individuals, A, B, and C, with initial capital contributions of ₦500,000, ₦300,000, and ₦200,000, respectively. During the year, the partnership earned a profit of ₦150,000. The profit was divided in the ratio 2:3:4. Calculate the amount of profit shared by partner A.
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