POST UTME EKSU 2021 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The shares were sold for 5 each. Calculate the total amount received from the sale of shares.
Question 2
A company's bank statement shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 | Deposit | 10,000 | |
| 2 | Withdrawal | | 5,000 |
| 3 | Bank Charge | | 1,000 |
What is the balance in the bank account?
Question 3
A government agency has the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 | Salaries | 10,000 | |
| 2 | Rent | | 5,000 |
| 3 | Utilities | 2,000 | |
| 4 | Miscellaneous | | 1,000 |
What is the total amount of expenses?
Question 4
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 | Cash | 1,000 | |
| 2 | Sales | | 2,000 |
| 3 | Purchases | 1,500 | |
| 4 | Cash | | 500 |
What is the balance in the cash account?
Question 5
A company uses the straight-line method of depreciation. The cost of the asset is ₦120,000 and its useful life is 5 years. What is the annual depreciation charge?
Question 6
A company has the following information for the year ended December 31, 2022: Sales ₦5,000,000; Returns ₦200,000; Cost of goods sold ₦3,500,000. Calculate the gross profit for the year.
Question 7
A company uses the periodic inventory system. The company's beginning inventory is ₦150,000, and the cost of goods available for sale is ₦900,000. The company purchases goods for ₦450,000 and sells goods for ₦700,000. What is the company's ending inventory?
Question 8
A manufacturing company produces two products, A and B. The cost of production for product A is ₦5,000 and for product B is ₦3,000. If the company produces 100 units of product A and 200 units of product B, what is the total cost of production?
Question 9
A company uses the perpetual inventory system. The company's beginning inventory is ₦200,000, and the cost of goods available for sale is ₦1,000,000. The company purchases goods for ₦600,000 and sells goods for ₦800,000. What is the company's ending inventory?
Question 10
A government agency has the following transactions:
Question 11
A company has the following transactions for the month of January:
Jan 1: Cash 10,000
Jan 5: Purchase of office equipment 5,000
Jan 10: Sale of goods 20,000
Jan 15: Purchase of inventory 15,000
Jan 20: Sale of goods 30,000
Jan 25: Purchase of office equipment 8,000
Jan 31: Sale of goods 25,000
What is the total cash balance at the end of January?
Question 12
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The company also issued 5,000 10% debentures of ₦ 100 each. Calculate the total amount received from the issue of shares and debentures.
Question 13
A company has the following trial balance:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | 10,000 | |
| Accounts Payable | | 5,000 |
| Sales | | 20,000 |
| Purchases | 15,000 | |
What is the balance in the sales account?
Question 14
A company's trading account for the year ended 31st December 2021 shows a profit of ₦1,500,000. The company's balance sheet as at 31st December 2021 shows a current asset of ₦2,000,000 and a non-current asset of ₦3,000,000. The company's current liability is ₦1,500,000 and its non-current liability is ₦2,000,000. What is the company's net worth as at 31st December 2021?
Question 15
A company uses the straight-line method of depreciation. The cost of the asset is ₦120,000 and its useful life is 5 years. What is the annual depreciation charge?
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