POST UTME ELIZADE UNIVERSITY 2024 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's trading account shows a profit of ₦150,000 and a loss of ₦20,000 on the sale of an asset. What is the net profit for the year?
Question 2
A company purchases a machine for ₦150,000. The machine has a useful life of 5 years and a residual value of ₦20,000. Calculate the annual depreciation using the straight-line method.
Question 3
A company's trading account for the year ended 31st December 2023 shows a profit of ₦1,500,000. The company's profit and loss account for the same period shows a profit of ₦2,000,000. The company's balance sheet as at 31st December 2023 shows a total equity of ₦3,500,000. Calculate the company's retained earnings.
Question 4
A manufacturing company produces 10,000 units of a product in a month. The cost of production is ₦500 per unit. Calculate the total cost of production for the month.
Question 5
A company's balance sheet shows an increase in assets of ₦100,000 and a decrease in liabilities of ₦20,000. What is the net increase in equity?
Question 6
A company has a cash book balance of ₦100,000 and a bank statement balance of ₦120,000. The difference is due to an outstanding cheque of ₦5,000 and a deposit in transit of ₦10,000. What is the correct balance?
Question 7
A company's trial balance shows the following accounts:
| Account | Debit | Credit |
| --- | --- | --- |
| Sales | 100,000 | |
| Purchases | | 80,000 |
| Wages | 20,000 | |
| Rent | | 10,000 |
What is the total value of the company's assets?
Question 8
A company has the following transactions: Purchase of goods for ₦200,000, Sales of goods for ₦300,000, and Purchase of equipment for ₦100,000. Prepare a control account for the transactions.
Question 9
A company's balance sheet shows an increase in current liabilities of ₦50,000 and an increase in non-current liabilities of ₦20,000. What is the net increase in liabilities?
Question 10
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | 10,000 | |
| 2nd Jan | Bank | | 8,000 |
| 3rd Jan | Cash | | 2,000 |
What is the balance in the cash account?
Question 11
A company has the following transactions: Purchase of goods for ₦200,000, Sales of goods for ₦300,000, and Purchase of equipment for ₦100,000. Prepare a single entry for the transactions.
Question 12
A company issues 5,000, 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
Question 13
A company has a balance of ₦800,000 in its sales account. If the company's profit is ₦200,000, what is the balance in the company's profit and loss account?
Question 14
A partnership is formed between two individuals, A and B, with initial capital contributions of ₦100,000 and ₦80,000 respectively. During the first year, the partnership earns a profit of ₦120,000. The profit is divided in the ratio 2:3. Calculate the amount of profit that will be distributed to each partner.
Question 15
A company has a production cost of ₦150,000 and a selling price of ₦200,000. What is the gross profit percentage?
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