POST UTME EKSU 2024 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's manufacturing department uses a job costing system. The following data are extracted from the company's records for the year ended December 31, 2023:
Question 2
A company has the following ledger balances:
Debit: Raw Materials ₦ 100,000, Work-in-Progress ₦ 80,000, and Factory Overheads ₦ 60,000.
Credit: Purchases ₦ 100,000, Direct Labour ₦ 80,000, and Factory Overheads ₦ 60,000.
What is the correct ledger account to be debited?
Question 3
A government agency has a budget of ₦500 million for the year. If the agency spends ₦300 million in the first half of the year and ₦200 million in the second half, what is the percentage of the budget spent in the second half of the year?
Question 4
A company has the following transactions during the year:
- Purchased raw materials for ₦100,000.
- Sold goods for ₦200,000.
- Purchased equipment for ₦50,000.
- Sold equipment for ₦30,000.
What is the net cash inflow from operating activities?
Question 5
A company's balance sheet shows a total asset value of ₦200,000 and a total liability value of ₦150,000. What is the company's equity value?
Question 6
A company uses the weighted average method to value its inventory. The company has three types of inventory: A, B, and C. The cost of inventory A is ₦100,000, the cost of inventory B is ₦150,000, and the cost of inventory C is ₦200,000. The quantities of inventory A, B, and C are 100 units, 50 units, and 20 units, respectively. The total cost of inventory is ₦500,000. What is the cost per unit of inventory?
Question 7
A company's trading account shows a profit of ₦1,500,000. The balance sheet shows a decrease in inventory of ₦200,000 and an increase in accounts receivable of ₦300,000. What is the net profit for the period?
Question 8
A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received' while the ledger account shows a credit balance of ₦20,000. What is the correct journal entry to rectify this error?
Question 9
A company's profit and loss account shows a net profit of ₦20,000. However, the balance sheet shows a decrease in equity value of ₦15,000. What is the correct journal entry to rectify this error?
Question 10
A manufacturing company produces 500 units of a product per day. Each unit sells for ₦200. If the company operates for 25 days in a month, calculate the total sales for the month.
Question 11
A company uses the double-entry system of accounting. The following transactions were recorded in the journal:
Debit: Raw Materials ₦ 50,000, Work-in-Progress ₦ 30,000, and Factory Overheads ₦ 20,000.
Credit: Purchases ₦ 50,000, Direct Labour ₦ 30,000, and Factory Overheads ₦ 20,000.
What is the correct ledger account to be credited?
Question 12
A company's balance sheet shows a current ratio of 2:1. If the current assets are ₦500,000 and the current liabilities are ₦200,000, what is the total amount of long-term liabilities?
Question 13
A government agency has the following transactions for the month of January:
Jan 1: Cash ₦500,000
Jan 5: Revenue ₦200,000
Jan 10: Expenditure ₦150,000
Jan 15: Revenue ₦300,000
Jan 20: Expenditure ₦250,000
Jan 25: Cash ₦400,000
Prepare a public sector journal for the month.
Question 14
A company's balance sheet shows the following assets: Cash = ₦50,000, Accounts Receivable = ₦30,000. What is the total amount of current assets?
Question 15
A company uses a self-balancing ledger to record its transactions. The ledger has the following accounts: Cash, Accounts Payable, Sales Revenue, and Cost of Goods Sold. The company's trial balance shows the following balances: Cash = ₦125,000, Accounts Payable = ₦80,000, Sales Revenue = ₦200,000, and Cost of Goods Sold = ₦150,000. What is the total amount of assets and liabilities on the company's balance sheet?
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