POST UTME LAUTECH 2019 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company issues 10,000 shares of 1 par value at 5 per share. What is the amount of cash received from the issue of shares?
Question 2
A company's balance sheet as at 31st December 2019 is as follows:
₦
Assets:
Cash: ₦50,000
Debtors: ₦100,000
Stock: ₦150,000
Total Assets: ₦300,000
Liabilities:
Creditors: ₦80,000
Capital: ₦220,000
Total Liabilities: ₦300,000
What is the company's current ratio?
Question 3
A company's balance sheet as at 31st December 2019 is as follows:
₦
Assets:
Cash: ₦50,000
Debtors: ₦100,000
Stock: ₦150,000
Total Assets: ₦300,000
Liabilities:
Creditors: ₦80,000
Capital: ₦220,000
Total Liabilities: ₦300,000
What is the company's current ratio?
Question 4
A sole proprietorship has the following transactions for the year ended December 31, 2022:
Cash received from customers: ₦1,200,000
Cash paid to suppliers: ₦800,000
Cash paid to employees: ₦600,000
Cash received from government grant: ₦200,000
Cash paid for rent: ₦150,000
Cash paid for utilities: ₦50,000
What is the total cash inflow for the year?
Question 5
A partnership has the following capital accounts:
Partner A: ₦50,000
Partner B: ₦30,000
Partner C: ₦20,000
The partnership also has the following drawings:
Partner A: ₦10,000
Partner B: ₦5,000
Partner C: ₦3,000
What is the total capital of the partnership?
Question 6
A company has the following transactions for the year ended December 31, 2022:
Cash received from customers: ₦1,500,000
Cash paid to suppliers: ₦800,000
Cash paid to employees: ₦600,000
Cash received from government grant: ₦200,000
Cash paid for rent: ₦150,000
Cash paid for utilities: ₦50,000
What is the total cash outflow for the year?
Question 7
A company's trial balance shows an error of ₦20,000 in the credit side of the accounts receivable account. The correct balance is ₦200,000. What is the correct balance in the debit side of the accounts receivable account?
Question 8
A company issued 10,000 shares of ₦1 each at a premium of ₦0.50 per share. Calculate the total amount received from the issue of shares.
Question 9
The following is an extract from the financial statement of a public sector organization. Prepare a statement of sources and applications of funds for the year ended 31st December 2018.
Question 10
A company issued 5,000 shares of ₦1 each at a premium of ₦0.25 per share. Calculate the total amount received from the issue of shares.
Question 11
A manufacturing company uses the process costing method to account for its production costs. The company has two departments: cutting and assembly. The cutting department has a total cost of ₦500,000 and the assembly department has a total cost of ₦750,000. What is the total production cost for the period?
Question 12
A company's balance sheet shows a current ratio of 2:1. If the company's current assets are ₦500,000 and its current liabilities are ₦250,000, what is the company's quick ratio?
Question 13
A company's balance sheet as at 31st December 2019 is as follows:
₦
Assets:
Cash: ₦50,000
Debtors: ₦100,000
Stock: ₦150,000
Total Assets: ₦300,000
Liabilities:
Creditors: ₦80,000
Capital: ₦220,000
Total Liabilities: ₦300,000
What is the company's current ratio?
Question 14
A company uses the single entry system of accounting. The following transactions were recorded in the year ended 31st December 2018:
Question 15
A company uses the straight-line method of depreciation for its assets. If the asset cost ₦120,000 and has a residual value of ₦20,000, what is the annual depreciation charge if the asset is used for 5 years?
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