POST UTME ELIZADE UNIVERSITY 2019 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm has the following bank reconciliation statement:
| Date | Debit | Credit |
| --- | --- | --- |
| 2022-01-01 | ₦10,000 | |
| 2022-01-15 | | ₦5,000 |
| 2022-01-20 | ₦20,000 | |
What is the correct balance of the Bank account?
Question 2
A company's balance sheet as at 31st December, 2019 showed: Equity Share Capital ₦100,000, 10% Debentures ₦50,000, Profit and Loss Account ₦20,000. Prepare the Balance Sheet.
Question 3
A company's trial balance shows a discrepancy of ₦5,000 between the debit and credit sides. What is the likely cause of this discrepancy?
Question 4
A company's trial balance shows a discrepancy of ₦5,000 between the debit and credit sides. What is the likely cause of this discrepancy?
Question 5
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. Prepare a statement of cash flows.
Question 6
A partnership has two partners, A and B. The partnership agreement states that profits and losses are shared in the ratio 3:2. If the profit for the year is ₦120,000, how much will each partner receive?
Question 7
A company uses the weighted average method of inventory costing. The following data is available: Beginning Inventory ₦30,000, Purchases ₦60,000, and Sales ₦80,000. Calculate the cost of goods sold.
Question 8
A company's ledger account shows the following: Debit balance ₦50,000, Credit balance ₦30,000. What is the net effect on the company's equity?
Question 9
A company uses the straight-line method to depreciate its assets. If the asset's cost is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
Question 10
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Cash | 1,000 | |
| 2 Jan | Bank | | 500 |
| 3 Jan | Cash | | 500 |
What is the balance in the cash book?
Question 11
A company's manufacturing account shows the following: Materials purchased ₦50,000, Labour cost ₦30,000, Overheads ₦20,000. What is the total cost of production?
Question 12
A company issued 10,000, 10% debentures of ₦100 each. The debentures are redeemable at a premium of 5% after 5 years. Calculate the amount of premium to be paid on redemption.
Question 13
A company's trial balance as at 31st December, 2019 showed: Capital Account ₦50,000, Drawings ₦20,000, Sales ₦150,000, Purchases ₦100,000, Rent Received ₦10,000, Rent Paid ₦5,000. Prepare the Balance Sheet.
Question 14
A company uses the straight-line method of depreciation. The cost of a machine is ₦120,000 and its useful life is 5 years. Calculate the annual depreciation charge.
Question 15
A company's bank reconciliation statement shows a difference of ₦1,000 between the bank statement balance and the company's records. The bank statement balance is ₦50,000. Prepare a bank reconciliation statement.
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