POST UTME LEAD CITY UNIVERSITY 2018 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company has the following data for the year ended December 31, 2022:
Question 2
A company uses the FIFO method to value its inventory. The company's accounting records show the following data for the year ended December 31, 2018:
Beginning inventory: ₦100,000; Purchases: ₦500,000; Sales: ₦600,000; Cost of Goods Sold: ₦400,000; Operating Expenses: ₦200,000; Depreciation: ₦30,000; Dividends: ₦60,000.
What is the cost of goods sold for the year?
Question 3
A manufacturing company has the following data for the year ended December 31, 2022:
Question 4
A company uses the perpetual inventory system. On January 1, 2022, it had 1,000 units of a product in stock, costing ₦120 each. During the year, 500 units were sold, and 200 units were returned by customers. The company purchased 800 units at ₦150 each and 300 units at ₦180 each. Calculate the cost of goods sold for the year.
Question 5
A company has the following transactions related to its cash account:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| 1/1 | Cash | | ₦100,000 |
| 1/2 | Purchase of Goods | ₦150,000 | |
| 1/3 | Payment to Supplier | | ₦50,000 |
What is the net amount of cash at the end of the period?
Question 6
In a public sector accounting system, what is the primary purpose of the 'General Ledger'?
Question 7
A manufacturing company has a production cost of ₦500 per unit. If it sells 1,000 units at ₦600 each, what is the gross profit?
Question 8
A company has two partners, A and B, who share profits in the ratio 3:2. If the total profit for the year is ₦120,000, how much will partner A receive?
Question 9
A company has a capital of ₦1,000,000 divided into 10,000 shares of ₦100 each. If it issues 5,000 shares at a premium of ₦20 per share, what is the amount received from share issue?
Question 10
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 ₦400,000. If the company purchases additional inventory during the period for ₦800,000, and the total cost of the closing inventory is ₦600,000, what is the cost of goods sold?
Question 11
A company uses the perpetual inventory system. On January 1, 2018, it had 1,000 units of a product in stock, costing ₦100 each. During the year, 500 units were sold, and 200 units were returned by customers. The company purchased 700 units at ₦120 each and 300 units at ₦150 each. The company uses the weighted average method to value inventory. What is the total cost of goods sold for the year?
Question 12
A manufacturing company has two departments: Production and Sales. The Production department has a budget of ₦1,000,000, and the Sales department has a budget of ₦500,000. If the company's total budget is ₦2,000,000, what is the ratio of the Production department's budget to the Sales department's budget?
Question 13
A company uses the straight-line method to depreciate its assets. The asset has a cost of ₦200,000 and an estimated useful life of 5 years. If the asset is sold after 3 years for ₦120,000, what is the accumulated depreciation at the time of sale?
Question 14
A partnership is formed by three individuals, A, B, and C, who contribute ₦200,000, ₦300,000, and ₦400,000 respectively. The partnership agreement states that the profits will be shared in the ratio 2:3:4. If the total profit for the year is ₦1,200,000, calculate the amount of profit that will be shared by A.
Question 15
A company's accounting records show the following transactions for the year ended December 31, 2018:
Cash: ₦100,000; Sales: ₦500,000; Cost of Goods Sold: ₦300,000; Operating Expenses: ₦150,000; Depreciation: ₦20,000; Dividends: ₦50,000.
What is the net income for the year?
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