POST UTME MADONNA UNIVERSITY 2020 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
The following is a partial manufacturing account for XYZ Ltd.
Question 2
A company has the following ledger accounts: Cash 10,000; Accounts Receivable 20,000; Inventory 30,000; Prepaid Rent 40,000. What is the company's total assets?
Question 3
A company has two partners, A and B, who share profits in the ratio 3:2. The company's profit for the year is ₦120,000. How much profit will each partner receive?
Question 4
A company produces two products, X and Y, using two machines, A and B. The production process for X requires 2 hours on machine A and 3 hours on machine B, while the production process for Y requires 3 hours on machine A and 2 hours on machine B. If machine A operates for 12 hours and machine B operates for 15 hours, how many units of product X and Y should the company produce?
Question 5
In a self-balancing ledger, the control account is used to record the total of all subsidiary accounts. What is the purpose of the control account in a manufacturing company?
Question 6
A company's depreciation policy is based on the straight-line method. The cost of the asset is ₦100,000, and the useful life is 5 years. Calculate the annual depreciation.
Question 7
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Cash | 10,000 | |
| 2 Jan | Bank | | 5,000 |
| 3 Jan | Cash | | 8,000 |
| 4 Jan | Bank | | 3,000 |
| 5 Jan | Cash | | 12,000 |
Calculate the total credit transactions for the month.
Question 8
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. What is the total amount of assets?
Question 9
A company uses the perpetual inventory system. If the beginning inventory is ₦100,000, and purchases during the period are ₦150,000, what is the total cost of goods available for sale?
Question 10
A company has two departments, X and Y, with sales of ₦500,000 and ₦300,000 respectively. The profit percentage for department X is 25% and for department Y is 20%. What is the total profit?
Question 11
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Cash | 10,000 | |
| 2 Jan | Bank | | 5,000 |
| 3 Jan | Cash | | 8,000 |
| 4 Jan | Bank | | 3,000 |
| 5 Jan | Cash | | 12,000 |
Calculate the cash balance on 5 Jan.
Question 12
A company uses a self-balancing ledger to record its transactions. The following accounts are listed: Cash, Bank, Accounts Payable, and Accounts Receivable. What is the purpose of the self-balancing ledger?
Question 13
A company uses the single entry system of accounting. The following transactions were recorded during the year:
Question 14
A trader sells an article at a profit of 20% on an investment of ₦1,500. What is the selling price?
Question 15
A company uses the straight-line method to depreciate its assets. If the asset cost ₦150,000 and has a useful life of 5 years, what is the annual depreciation charge?
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