POST UTME ESUT 2018 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company purchases a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. What is the annual depreciation expense?
Question 2
A company's balance sheet as at 31st December 2022 is as follows:
Assets:
Cash at bank: ₦150,000
Debtors: ₦120,000
Stock: ₦200,000
Total assets: ₦470,000
Liabilities:
Creditors: ₦100,000
Capital: ₦200,000
Total liabilities: ₦300,000
What is the company's net worth?
Question 3
A company's balance sheet as at 31st December 2022 is as follows:
Assets:
₦1,500,000 Cash
₦2,000,000 Accounts Receivable
₦3,000,000 Inventory
₦1,000,000 Property, Plant and Equipment
Liabilities:
₦1,000,000 Accounts Payable
₦2,000,000 Long-term Debt
What is the company's current ratio?
Question 4
A company's bank statement balance on December 31, 2022, was ₦1,500,000. The company's cash book balance on the same date was ₦1,800,000. The bank statement included a debit of ₦200,000 for a NSF cheque. What is the correct bank reconciliation?
Question 5
A company purchased a machine for ₦ 10,000 and depreciated it by 10% at the end of the first year. Calculate the value of the machine at the end of the first year.
Question 6
A company's manufacturing account for the year ended 31st December 2022 is as follows:
Direct Materials:
₦1,000,000
Direct Labor:
₦500,000
Overhead:
₦200,000
What is the company's total manufacturing cost?
Question 7
A company has the following ledger balances: Raw Materials ₦150,000, Work-in-Progress ₦120,000, and Finished Goods ₦80,000. If the company uses the LIFO method, what is the value of Cost of Goods Sold?
Question 8
A company has the following data for the year ended December 31, 2022: Sales ₦2,000,000; Cost of goods sold ₦1,200,000; Beginning inventory ₦400,000; Ending inventory ₦600,000. What is the gross profit for the year?
Question 9
A manufacturing company has the following data for the year ended December 31, 2022: Cost of goods sold ₦1,800,000; Beginning inventory ₦400,000; Ending inventory ₦600,000. What is the gross profit for the year?
Question 10
A company uses the following accounts: Raw Materials, Work-in-Progress, Finished Goods, and Cost of Goods Sold. If the company's balance sheet shows ₦200,000 in Raw Materials, ₦150,000 in Work-in-Progress, and ₦100,000 in Finished Goods, what is the value of Cost of Goods Sold?
Question 11
A company's departmental accounts for the year ended 31st December 2022 are as follows:
Selling Department:
₦1,000,000
Administrative Department:
₦500,000
What is the company's total departmental expenses?
Question 12
A company uses the accrual basis of accounting. At the end of the year, the company has accounts receivable of ₦100,000 and accounts payable of ₦50,000. What is the net effect on the company's cash balance?
Question 13
A company uses the straight-line method of depreciation. The company's asset has a cost of ₦100,000 and a useful life of 5 years. What is the annual depreciation expense?
Question 14
In a self-balancing ledger, the control account is used to record the total of all subsidiary accounts. What is the purpose of the control account?
Question 15
A company has a departmental account for the manufacturing department. The department incurred expenses of ₦ 50,000 and earned revenue of ₦ 100,000. Calculate the profit or loss of the department.
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.
Unlock Full Access
Available for Android & Windows