POST UTME EKSU 2017 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company has the following balances in its ledger:
Cash ¡ 50,000, Bank ¡ 30,000. Prepare the Cash Book and Bank Reconciliation Statement.
Question 2
A company issued 5% debentures of ₦100 each at a premium of ₦20 per debenture. Calculate the total amount received from the issue of debentures.
Question 3
A company issued 10,000 shares of ₦1 each at a premium of ₦0.50 per share. Calculate the total amount received from the issue of shares.
Question 4
A company's balance sheet as at 31st December 2017 is as follows:
Assets:
Current Assets £ 100,000
Non-Current Assets £ 200,000
Total Assets £ 300,000
Liabilities:
Current Liabilities £ 50,000
Non-Current Liabilities £ 150,000
Total Liabilities £ 200,000
What is the amount of shareholders' funds?
Question 5
A government agency's budget shows the following allocations: Personnel Expenses ₦50,000, Operating Expenses ₦20,000, and Capital Expenditures ₦30,000. What is the agency's total budget?
Question 6
A bank's cash book shows a balance of ₦250,000. The bank reconciliation statement shows a difference of ₦10,000 between the cash book balance and the bank statement balance. Calculate the bank statement balance.
Question 7
A company's profit and loss account for the year ended 31st December 2017 is as follows:
Trading Profit £ 50,000
Non-Trading Income £ 20,000
Total Profit £ 70,000
What is the amount of tax paid?
Question 8
A government agency has a budget of ₦1,000,000 for the year. If the agency has already spent ₦800,000, what is the percentage of the budget that has been spent?
Question 9
A manufacturing company uses a job costing system. The following data relate to Job No. 101: Direct Materials: ₦15,000; Direct Labour: ₦8,000; Overheads: ₦12,000. Calculate the total cost of the job.
Question 10
A company has the following transactions related to its cash and bank accounts:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| Jan 1 | Cash | 10,000 | |
| Jan 15 | Bank | | 5,000 |
| Feb 1 | Cash | | 8,000 |
| Mar 1 | Bank | 12,000 | |
What is the balance in the bank account on March 31?
Question 11
A company's trading account for the year ended 31st December 2017 is as follows:
Debit:
Sundry Expenses £ 12,000
Wages £ 20,000
Rent £ 15,000
Credit:
Sales £ 150,000
Purchases £ 120,000
What is the net profit for the year?
Question 12
A company's balance sheet as at 31st December 2017 is as follows:
Assets:
Current Assets £ 100,000
Non-Current Assets £ 200,000
Total Assets £ 300,000
Liabilities:
Current Liabilities £ 50,000
Non-Current Liabilities £ 150,000
Total Liabilities £ 200,000
What is the amount of shareholders' funds?
Question 13
A company uses the straight-line method of depreciation. If the asset's useful life is 5 years and the residual value is ₦50,000, what is the annual depreciation charge if the asset's cost is ₦250,000?
Question 14
A company's cash book shows the following transactions: 1. Cash received from customers ₦50,000; 2. Cash paid to suppliers ₦30,000; 3. Cash paid to employees ₦20,000. Prepare the cash book.
Question 15
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and its residual value is ₦0, what is the annual depreciation expense if the asset's cost is ₦120,000?
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