POST UTME FUTO 2019 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company uses a job costing system to account for its manufacturing operations. The company has two departments: Cutting and Assembly. The Cutting department has a balance of ₦120,000 in its Work-in-Progress (WIP) account at the beginning of the year. During the year, the Cutting department incurs expenses of ₦150,000 and adds ₦180,000 to WIP. The Assembly department has a balance of ₦80,000 in its WIP account at the beginning of the year. During the year, the Assembly department incurs expenses of ₦100,000 and adds ₦120,000 to WIP. What is the total WIP balance for the company at the beginning of the year?
Question 2
A company's trial balance showed the following balances: Accounts Payable £ 10,000, Accounts Receivable £ 5,000, Sales £ 50,000, Cost of Goods Sold £ 30,000. Prepare the company's income statement.
Question 3
A company's bank statement showed a balance of £ 12,000. The company's cash book showed a balance of £ 10,000. The bank statement also showed a debit of £ 2,000 for NSF checks. Prepare the company's bank reconciliation statement.
Question 4
A partnership is formed between three individuals: John, Mary, and David. John invests ₦200,000, Mary invests ₦150,000, and David invests ₦100,000. If the partnership earns a profit of ₦50,000, how much will each partner receive?
Question 5
A company has a manufacturing department that produces two products, X and Y. The selling price of product X is ₦100 per unit, and the selling price of product Y is ₦120 per unit. If the company sells 500 units of product X and 300 units of product Y, calculate the total revenue from the sale of these products.
Question 6
A company has the following transactions related to its control accounts:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| Jan 1 | Purchase of goods | ₦100,000 | |
| Jan 15 | Payment to supplier | | ₦80,000 |
| Feb 1 | Purchase of goods | ₦120,000 | |
| Feb 15 | Payment to supplier | | ₦90,000 |
Determine the balance of the control account.
Question 7
A company's financial statements for the year ended December 31, 2022, are as follows:
Question 8
A company's cash book shows a balance of ₦500,000. However, the bank statement shows a balance of ₦400,000. The bank reconciliation statement reveals that the company has an outstanding cheque of ₦20,000 and a deposit in transit of ₦10,000. What is the correct balance in the company's cash book?
Question 9
A company uses a job costing system to account for its manufacturing operations. The company has two departments: Cutting and Assembly. The Cutting department has a balance of ₦120,000 in its Work-in-Progress (WIP) account at the beginning of the year. During the year, the Cutting department incurs expenses of ₦150,000 and adds ₦180,000 to WIP. The Assembly department has a balance of ₦80,000 in its WIP account at the beginning of the year. During the year, the Assembly department incurs expenses of ₦100,000 and adds ₦120,000 to WIP. What is the total WIP balance for the Assembly department at the end of the year?
Question 10
A company has the following transactions related to its manufacturing accounts:
| Date | Description | Quantity | Unit Cost | Total Cost |
| --- | --- | --- | --- | --- |
| Jan 1 | Purchase of raw materials | 100 units | ₦10 | ₦1,000 |
| Jan 15 | Conversion of raw materials | | | ₦500 |
| Feb 1 | Purchase of raw materials | 150 units | ₦12 | ₦1,800 |
| Feb 15 | Conversion of raw materials | | | ₦900 |
Determine the total cost of production.
Question 11
A company's trading account for the year ended 31st December 2022 shows a profit of ₦500,000. The company's profit and loss account for the same period shows a net profit of ₦700,000. However, the company's balance sheet as at 31st December 2022 shows a net worth of ₦1,200,000. What is the correct amount of dividends paid by the company?
Question 12
A company uses a job costing system to account for its manufacturing operations. The company has two departments: Cutting and Assembly. The Cutting department has a balance of ₦120,000 in its Work-in-Progress (WIP) account at the beginning of the year. During the year, the Cutting department incurs expenses of ₦150,000 and adds ₦180,000 to WIP. The Assembly department has a balance of ₦80,000 in its WIP account at the beginning of the year. During the year, the Assembly department incurs expenses of ₦100,000 and adds ₦120,000 to WIP. What is the total WIP balance for the company at the end of the year?
Question 13
A partnership has the following capital accounts:
| Partner | Capital | Drawing | Balance |
| --- | --- | --- | --- |
| A | ₦100,000 | ₦20,000 | ₦80,000 |
| B | ₦120,000 | ₦30,000 | ₦90,000 |
| C | ₦150,000 | ₦40,000 | ₦110,000 |
Determine the total capital of the partnership.
Question 14
A company has a machine that costs ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation using the reducing balance method.
Question 15
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. The company also issues 5,000 debentures of ₦100 each. What is the total amount received by the company?
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