POST UTME EKSU 2023 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company has the following assets: cash 10,000, accounts receivable 20,000, inventory 30,000, and property, plant, and equipment 50,000. Calculate the total asset value.
Question 2
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-sharing ratio in terms of the capital accounts.
Question 3
A company issues 5,000 debentures of ₦100 each at a premium of ₦10 per debenture. What is the total amount received from the issue of debentures?
Question 4
A company has an incomplete record of its transactions. The record shows that the company has a credit balance of ₦50,000 in the cash account and a debit balance of ₦20,000 in the accounts payable account. What is the net effect on the company's financial position?
Question 5
A company uses the straight-line method of depreciation. The cost of a machine is 10,000 and its residual value is 2,000. Calculate the annual depreciation charge for the first year.
Question 6
A business has the following transactions in its bank reconciliation statement:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Bank | 10,000 | |
| 2nd Jan | Cash | | 5,000 |
| 3rd Jan | Bank | | 8,000 |
What is the balance in the bank account?
Question 7
A company's trial balance shows the following balances: Accounts Payable ₦30,000; Accounts Receivable ₦20,000; Common Stock ₦100,000; and Dividends ₦5,000. Prepare a balance sheet for the company.
Question 8
A government agency has a budget of 100,000 for the year. The agency has the following expenses: salaries 30,000, rent 20,000, and utilities 10,000. Calculate the percentage of the budget spent on salaries.
Question 9
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The company also issued 5,000 debentures of 100 each. Calculate the total amount received from the issue of shares and debentures.
Question 10
A company issues 10,000, 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
Question 11
A company uses the FIFO method to value its inventory. If the cost of goods available for sale is ₦1,500,000, the total cost of the beginning inventory is ₦300,000, and the total cost of the purchases made during the period is ₦1,200,000, what is the cost of goods sold?
Question 12
A company issued 10,000, 9% 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 13
A company's bank reconciliation statement shows the following discrepancies: Outstanding checks ₦10,000; Deposits in transit ₦20,000; and Bank error ₦5,000. Calculate the corrected balance.
Question 14
A company uses the cash book to record all its financial transactions. The cash book is a valuable tool for managing cash flows. However, it can be prone to errors if not properly maintained. Which of the following is a common error that can occur in the cash book?
Question 15
A business has the following transactions in its cash book:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | 10,000 | |
| 2nd Jan | Bank | | 5,000 |
| 3rd Jan | Cash | | 8,000 |
What is the balance in the cash account?
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