POST UTME ESUT 2023 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's balance sheet shows a current liability of ₦50,000 and a non-current liability of ₦100,000. What is the total liability?
Question 2
A company's cash book shows a balance of ₦150,000. However, the bank statement shows a balance of ₦120,000. The company's cash book also shows a debit balance of ₦30,000 in the 'Bank Overdraft' account. What is the correct balance in the company's cash book after reconciliation?
Question 3
A company has the following transactions: Purchased office equipment for ₦20,000, Paid rent for ₦15,000, and Purchased inventory for ₦30,000. What is the total amount of expenses at the end of the period?
Question 4
A company has the following transactions: Purchased office equipment for ₦20,000, Paid rent for ₦15,000, and Purchased inventory for ₦30,000. What is the total amount of assets at the end of the period?
Question 5
A company has a control account for 'Accounts Payable' with a balance of ₦50,000. If it receives a payment of ₦20,000 from a customer, what is the new balance in the control account?
Question 6
The following is an extract from the financial statements of a partnership:
| Partner's Name | Capital | Drawing | Balance |
| --- | --- | --- | --- |
| A | 50,000 | 10,000 | 40,000 |
| B | 30,000 | 5,000 | 25,000 |
| C | 20,000 | | 15,000 |
Determine the amount of profit to be shared by each partner.
Question 7
A company uses a self-balancing ledger to record its transactions. If it records a debit of ₦10,000 to 'Accounts Payable' and a credit of ₦10,000 to 'Cash', what is the effect on the company's ledger balance?
Question 8
A company has the following transactions in its control accounts:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Sales | | 10,000 |
| 2nd Jan | Purchases | 8,000 | |
| 3rd Jan | Cash | | 12,000 |
Prepare a statement of affairs.
Question 9
A company has the following transactions in its incomplete records:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | 10,000 | |
| 2nd Jan | Sales | | 15,000 |
| 3rd Jan | Purchases | 8,000 | |
| 4th Jan | Cash | | 12,000 |
Complete the missing entries and prepare a trial balance.
Question 10
In a public sector accounting system, what is the primary purpose of the 'Chart of Accounts'?
Question 11
A company's manufacturing account shows a cost of ₦100,000 for direct materials and ₦80,000 for direct labor. The total production cost is ₦180,000. What is the value of the overheads?
Question 12
A company purchases a machine for ₦500,000 and depreciates it using the straight-line method over a useful life of 5 years. What is the annual depreciation charge?
Question 13
A company has the following bank reconciliation statement: Bank Statement Balance 10,000, Cash Balance 8,000, Outstanding Checks 2,000. What is the corrected cash balance?
Question 14
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦110,000. The difference of ₦10,000 is due to a dishonored cheque of ₦5,000 and a bank charge of ₦5,000. What is the correct journal entry to reconcile the cash book and bank statement?
Question 15
A company has the following ledger balances: Cash 10,000, Accounts Payable 5,000, Common Stock 20,000. What is the total equity of the company?
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