POST UTME ESUT 2022 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
Question 2
A company's cash book shows the following transactions for the month of April:
Cash received from customers: ₦200,000
Cash paid to suppliers: ₦140,000
Cash paid to employees: ₦60,000
Cash received from bank: ₦35,000
Cash paid to bank: ₦30,000
What is the total cash paid by the company during the month of April?
Question 3
A company uses the straight-line method of depreciation. The cost of equipment is ₦120,000 and its useful life is 5 years. Determine the annual depreciation charge.
Question 4
The following is an extract from the financial statements of a company:
Cash at Bank: ₦1,500,000
Cash in Hand: ₦200,000
Total Cash: ₦1,700,000
What is the amount of cash that should be reported in the statement of financial position?
Question 5
A company's cash book shows the following transactions for the month of February:
Cash received from customers: ₦150,000
Cash paid to suppliers: ₦100,000
Cash paid to employees: ₦40,000
Cash received from bank: ₦25,000
Cash paid to bank: ₦20,000
What is the total cash paid by the company during the month of February?
Question 6
A company's trial balance as at December 31, 2022, is as follows:
Debit
₦
Cash 150,000
Accounts Payable 50,000
Salaries Payable 20,000
Equipment 100,000
Accumulated Depreciation 30,000
Total Debit 350,000
Credit
₦
Accounts Receivable 40,000
Sales Revenue 200,000
Cost of Goods Sold 120,000
Salaries Expense 30,000
Rent Expense 10,000
Total Credit 400,000
Determine the net income for the year.
Question 7
A company has a control account that shows a debit balance of ₦30,000 in the account 'Cash at Bank'. However, the company's accounting records show that the cash was actually withdrawn from the bank. What is the correct treatment of this error?
Question 8
A government agency has the following transactions:
1. Received a grant of ₦1,000,000.
2. Paid salaries of ₦800,000.
3. Purchased equipment for ₦200,000.
What is the net effect on the agency's assets?
Question 9
A company uses the single-entry system of accounting. The company's journal entries for the year are as follows: Debit Cash ₦ 10,000, Credit Accounts Payable ₦ 5,000. Prepare the company's ledger accounts.
Question 10
A company's trial balance showed the following balances: Accounts Payable ₦ 50,000, Accounts Receivable ₦ 20,000, Sales Revenue ₦ 100,000, Cost of Goods Sold ₦ 60,000. Prepare the company's income statement.
Question 11
A company uses the double-entry system of accounting. The company's journal entries for the year are as follows: Debit Cash ₦ 10,000, Credit Accounts Payable ₦ 5,000. Prepare the company's ledger accounts.
Question 12
A firm has a cash book balance of ₦120,000 and a bank statement balance of ₦140,000. The bank statement shows a credit balance of ₦2,000 for a dishonored cheque. The cash book shows a debit balance of ₦8,000 for a bank error. What is the correct balance of the firm's cash account?
Question 13
A company has the following transactions:
1. Purchased goods for ₦500,000 on credit.
2. Sold goods for ₦700,000 on credit.
3. Paid cash of ₦200,000 to settle a debt.
What is the net effect on the company's cash balance?
Question 14
A company uses the single-entry system of accounting. If the company's cash account shows a balance of ₦50,000, and the company's accounts payable account shows a balance of ₦30,000, what is the net working capital of the company?
Question 15
A company's trading account for the year ended 31st December 2022 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Returns outwards: ₦50,000; Returns inwards: ₦20,000. Calculate the gross profit for the year.
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