POST UTME MADONNA UNIVERSITY 2019 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's trial balance shows the following balances: Account A ₦80,000, Account B ₦60,000. The company's accountant wants to prepare a balance sheet. What is the correct balance for Account A?
Question 2
A company uses the straight-line method to depreciate its assets. If the asset cost ₦120,000 and has a useful life of 5 years, what is the annual depreciation charge?
Question 3
A company has the following transactions for the year:
- Purchased office equipment for ₦120,000.
- Sold office equipment for ₦80,000.
- Purchased office furniture for ₦60,000.
- Sold office furniture for ₦40,000.
Determine the net change in office equipment and furniture.
Question 4
A company's trial balance as of December 31, 2022, is as follows:
Debit
Cash 10,000
Accounts Receivable 20,000
Inventory 30,000
Prepaid Rent 5,000
Equipment 50,000
Accumulated Depreciation 10,000
Total Debit 125,000
Credit
Accounts Payable 15,000
Salaries Payable 5,000
Unearned Rent 5,000
Common Stock 50,000
Retained Earnings 50,000
Total Credit 125,000
Determine the company's net income for the year ended December 31, 2022.
Question 5
A company's balance sheet as at 31st December 2022 is as follows:
Assets:
- Current Assets: ₦500,000
- Non-Current Assets: ₦1,000,000
Liabilities:
- Current Liabilities: ₦200,000
- Non-Current Liabilities: ₦500,000
Determine the company's net worth.
Question 6
A company issued 5,000 shares of ₦10 each at a premium of ₦2 per share. Determine the total amount received from the issue of shares.
Question 7
A company prepares its financial statements in accordance with the accruals basis of accounting. If the company has a trade receivable of ₦50,000 and a trade payable of ₦20,000, what is the net amount due from customers?
Question 8
A company's trading account for the year ended 31st December 2022 is as follows:
Debit:
- Purchases: ₦1,200,000
- Carriage Inward: ₦20,000
Credit:
- Sales: ₦1,500,000
- Carriage Outward: ₦30,000
Determine the gross profit for the year.
Question 9
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the net profit for the year is ₦150,000, how much will A receive as their share of the profit?
Question 10
A company's trial balance showed the following balances: Machinery £ 10,000, Accrued Expenses £ 5,000, and Drawings £ 8,000. Prepare the ledger accounts for Machinery and Accrued Expenses.
Question 11
Determine the amount of depreciation for a machine that cost ₦250,000 and has a useful life of 5 years. The machine is depreciated using the straight-line method.
Question 12
A company has the following transactions in its ledger: Debit: ₦1,000,000; Credit: ₦800,000. What is the balance of the account?
Question 13
A company produces two products, X and Y. Product X requires 2 hours of direct labor and 3 hours of indirect labor, while product Y requires 3 hours of direct labor and 2 hours of indirect labor. If the company works 8 hours a day and produces 100 units of product X and 80 units of product Y, what is the total labor cost for the day?
Question 14
A company uses the straight-line method of depreciation. The cost of the asset is ₦120,000 and its useful life is 5 years. What is the annual depreciation?
Question 15
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.
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.
Unlock Full Access
Available for Android & Windows