POST UTME ESUT 2020 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's bank statement as of December 31, 2022, shows a balance of 10,000. The company's cash account in the general ledger shows a balance of 12,000. The bank statement also shows a service charge of 50 and a NSF check of 200. What is the correct balance of the cash account in the general ledger?
Question 2
A company uses the single-entry system. The following transactions are recorded: Debit: ₦100,000 to Cash, ₦50,000 to Accounts Payable, and Credit: ₦150,000 to Sales. What is the net effect on the company's cash balance?
Question 3
A company's balance sheet shows a current liability of ₦200,000. If the company's current assets are ₦300,000, what is the company's working capital?
Question 4
A company's balance sheet shows an increase in its current assets by ₦50,000 and a decrease in its current liabilities by ₦20,000. Calculate the net increase in working capital.
Question 5
In a partnership with a 3:2:1 capital ratio, the net profit is ₦180,000. If the profit-sharing ratio is the same as the capital ratio, what is the share of the partner with a 1:1 capital ratio?
Question 6
A public sector organization's final accounts show the following: Trading Profit ₦500,000, Profit Before Tax ₦700,000, Tax Expense ₦200,000. What is the correct calculation of the Net Profit?
Question 7
A company's cash book shows a credit balance of ₦15,000 in the cash account. However, the bank statement shows a debit balance of ₦20,000. What is the correct explanation for this discrepancy?
Question 8
A company has the following balance sheet: Assets ₦ 200,000, Liabilities ₦ 100,000. Calculate the net worth of the company.
Question 9
A company has the following balance sheet: ₦500,000 in Cash, ₦200,000 in Accounts Payable, and ₦300,000 in Sales. What is the net worth of the company?
Question 10
A government agency's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦150,000. The difference is due to a bank error. The agency's accountant wants to reconcile the two balances. What is the correct procedure to follow?
Question 11
A government agency's bank reconciliation statement shows the following: Opening Balance ₦100,000, Deposits ₦50,000, Withdrawals ₦20,000, Bank Errors ₦10,000. What is the correct closing balance?
Question 12
A company's profit and loss account shows a net profit of ₦150,000. If the company's turnover is ₦500,000, what is the company's gross profit percentage?
Question 13
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and the residual value is ₦0, what is the annual depreciation charge if the asset's cost is ₦120,000?
Question 14
A company uses the perpetual inventory system. On January 1, 2022, it had 100 units of inventory on hand with a cost of 10 per unit. During the year, 50 units were sold, and 20 units were purchased at a cost of 12 per unit. What is the total cost of goods sold for the year?
Question 15
A manufacturing company produces two products, A and B. Product A requires 2 hours of labor and 3 units of raw material, while product B requires 3 hours of labor and 2 units of raw material. If the company has 120 hours of labor available and 180 units of raw material, how many units of product A and product B should the company produce to maximize profit?
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