POST UTME FUTA 2024 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company uses the weighted average method to value its inventory. The cost of goods available for sale is ₦1,500,000, and the total cost of the opening inventory is ₦300,000. The company purchases additional inventory at a cost of ₦600,000. If the total cost of the closing inventory is ₦750,000, what is the cost of goods sold?
Question 2
A company's balance sheet as at 31st December 2023 is as follows: Share Capital: ₦500,000; Retained Earnings: ₦300,000; Debtors: ₦200,000; Creditors: ₦100,000. Calculate the company's net worth.
Question 3
A company uses the single-entry system. If the company's assets are ₦100,000, liabilities are ₦50,000, and equity is ₦30,000, what is the company's net income?
Question 4
A company purchased a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation using the straight-line method.
Question 5
A company's balance sheet as at 31st December 2023 is as follows: Share Capital: ₦500,000; Retained Earnings: ₦300,000; Debtors: ₦200,000; Creditors: ₦100,000. Calculate the company's net worth.
Question 6
A company issued 10,000 shares of 1 par value at a premium of 2 per share. If the shares were sold for 5 each, calculate the total amount received from the sale of shares.
Question 7
A company has two departments: Manufacturing and Sales. The Manufacturing department has a budget of ₦1,500,000, and the Sales department has a budget of ₦800,000. If the company's total budget is ₦2,500,000, what is the ratio of the Manufacturing department's budget to the Sales department's budget?
Question 8
A company uses the LIFO method to value its inventory. The cost of goods available for sale is ₦1,500,000, and the total cost of the opening inventory is ₦300,000. The company purchases additional inventory at a cost of ₦600,000. If the total cost of the closing inventory is ₦750,000, what is the cost of goods sold?
Question 9
In a partnership account, the capital of one partner is increased by ₦50,000, while the capital of another partner is decreased by ₦30,000. What is the net effect on the total capital of the partnership?
Question 10
A company has the following trial balance:
₦100,000 Cash
₦50,000 Accounts Receivable
₦20,000 Prepaid Rent
₦30,000 Salaries Expense
₦40,000 Rent Expense
₦50,000 Utilities Expense
Identify the error in the trial balance.
Question 11
A company's financial statements show a net income of ₦500,000. However, the company's cash flow statement shows a net decrease of ₦200,000. What is the reason for the discrepancy?
Question 12
A company uses the perpetual inventory system. If the beginning inventory is 100 units at ₦20 each, and 200 units are purchased at ₦25 each, what is the total cost of goods available for sale?
Question 13
A company uses the single-entry system of accounting. The company's assets increased by ₦100,000 and liabilities decreased by ₦50,000. What is the net increase in equity?
Question 14
A company uses a self-balancing ledger to record its transactions. What is the advantage of using this system?
Question 15
A company's assets are valued at ₦500,000. The company's liabilities are ₦200,000. Calculate the company's net worth.
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