POST UTME FUTO 2021 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's trial balance showed the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. Prepare a balance sheet for the company.
Question 2
A company issues 5,000, 10% shares of ₦20 each at a premium of ₦5. Calculate the amount received from shareholders.
Question 3
A company's trial balance shows the following balances: Sales: ₦500,000, Cost of Goods Sold: ₦300,000, Profit: ₦200,000. What is the total assets of the company?
Question 4
A company's trading account shows a profit of ₦250,000. Its profit and loss account shows a profit of ₦300,000. Its balance sheet shows a net worth of ₦1,500,000. What is the company's capital?
Question 5
A company issued 10,000 shares of ₦5 each at a premium of ₦2. The shares were sold for ₦7 each. Calculate the total amount received from the sale of shares.
Question 6
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?
Question 7
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
Question 8
A company issues 1,000, 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the issue of debentures.
Question 9
In a partnership account, what is the correct method of valuing the goodwill of a partnership?
Question 10
A public sector organization has the following transactions: Cash 10,000, Accounts Payable 8,000, Accounts Receivable 6,000, and Common Stock 40,000. What is the total amount of the organization's assets?
Question 11
A company's balance sheet shows a net worth of ₦1,200,000. Its profit and loss account shows a profit of ₦150,000. Its trading account shows a loss of ₦50,000. What is the company's capital?
Question 12
A company's balance sheet as at 31st December 2020 is as follows:
Assets:
₦1,500,000 - Cash
₦800,000 - Accounts Receivable
₦500,000 - Office Equipment
₦300,000 - Notes Payable
Liabilities:
₦1,000,000 - Accounts Payable
₦200,000 - Salaries
What is the correct accounting equation?
Question 13
A company issues 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received by the company.
Question 14
A manufacturing company uses a job costing system. The following data are available for the month of January: Direct Materials: ₦120,000, Direct Labour: ₦60,000, Overheads: ₦80,000. What is the total cost of production?
Question 15
A company produces two products, X and Y, using two machines, A and B. Machine A is used for 6 hours a day to produce 120 units of product X, while machine B is used for 4 hours a day to produce 80 units of product Y. If the total cost of production is ₦1,500,000, and the selling price of product X is ₦2,000 per unit, while that of product Y is ₦1,500 per unit, what is the profit made by the company per day?
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