POST UTME JOSEPH AYO BABALOLA UNIVERSITY 2023 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company uses the perpetual inventory system. On January 1, 2022, it had 500 units of Product A in inventory, costing ₦120 each. During the year, 300 units were sold, and 200 units were purchased at ₦150 each. Calculate the cost of goods sold for the year.
Question 2
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives ₦15,000 in cash, what is the amount of share capital?
Question 3
A company produces a product that requires 2 kg of raw material A and 3 kg of raw material B to produce 10 kg of the final product. If the cost of raw material A is ₦50 per kg and the cost of raw material B is ₦75 per kg, what is the cost of producing 50 kg of the final product?
Question 4
A company uses the perpetual inventory system. On January 1, 2022, it had 500 units of Product A in inventory, costing ₦120 each. During the year, 300 units were sold, and 200 units were purchased at ₦150 each. Calculate the cost of goods sold for the year.
Question 5
A government agency prepares a budget for the year. The budget includes an allocation of ₦500,000 for salaries, ₦200,000 for rent, and ₦300,000 for equipment. What is the total budget for the year?
Question 6
A company has a manufacturing department that produces goods worth ₦500,000. The department's overheads are ₦150,000, and the department's direct expenses are ₦100,000. What is the department's contribution to profit?
Question 7
A company issues 10,000 shares at ₦10 per share. If the company has 5,000 shares outstanding, what is the total amount received from the issue of shares?
Question 8
A company uses the perpetual inventory system. On January 1, 2022, it had 500 units of Product A in inventory, costing ₦120 each. During the year, 300 units were sold, and 200 units were purchased at ₦150 each. Calculate the cost of goods sold for the year.
Question 9
A company uses the perpetual inventory system. On January 1, 2022, it had 500 units of Product A in inventory, costing ₦120 each. During the year, 300 units were sold, and 200 units were purchased at ₦150 each. Calculate the cost of goods sold for the year.
Question 10
A company has the following balance sheet as at December 31, 2022: Assets ₦500,000, Liabilities ₦200,000, and Equity ₦300,000. What is the return on equity?
Question 11
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership and partner B has a 40% interest. If the partnership's net income is ₦120,000, what is partner A's share of the net income?
Question 12
A company has two departments: Manufacturing and Sales. The Manufacturing department has a balance of ₦150,000 in its control account, while the Sales department has a balance of ₦200,000. If the company's total assets are ₦1,500,000, what is the balance in the Sales department's control account after the company's financial statements are prepared?
Question 13
A company has two departments: A and B. Department A has a sales revenue of ₦500,000 and a cost of goods sold of ₦300,000. Department B has a sales revenue of ₦750,000 and a cost of goods sold of ₦450,000. What is the total gross profit of the company?
Question 14
A company's trial balance as of December 31, 2022, is as follows:
Debit:
Cash: ₦100,000
Accounts Receivable: ₦200,000
Inventory: ₦300,000
Total Debit: ₦600,000
Credit:
Accounts Payable: ₦100,000
Long-term Debt: ₦200,000
Total Credit: ₦300,000
What is the company's net income for the year?
Question 15
A company has the following ledger balances: Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦100,000, and Retained Earnings ₦30,000. What is the total equity of the company?
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