POST UTME MADONNA UNIVERSITY 2024 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company has the following transactions during the year: Purchased goods for ₦100,000 on credit, sold goods for ₦120,000 on credit, and paid cash for ₦50,000. What is the total amount of the company's cash and credit transactions?
Question 2
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 company's net income?
Question 3
A company's financial statements for the year ended December 31, 2023, are as follows:
Balance Sheet:
Assets ₦500,000
Liabilities ₦200,000
Equity ₦300,000
Income Statement:
Revenue ₦400,000
Expenses ₦200,000
Net Income ₦200,000
What is the company's return on equity?
Question 4
A company has two types of shares: ordinary shares and preference shares. The ordinary shares have a par value of ₦10 each and the preference shares have a par value of ₦20 each. If the company issues 10,000 ordinary shares and 5,000 preference shares, what is the total amount of share capital?
Question 5
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 company's net income?
Question 6
A company uses the perpetual inventory system. The following transactions occurred during the year:
1. Purchased office supplies for ₦15,000.
2. Sold goods for ₦200,000.
3. Purchased goods for ₦300,000.
4. Sold office supplies for ₦5,000.
5. Purchased goods for ₦150,000.
6. Sold goods for ₦250,000.
7. Purchased office supplies for ₦20,000.
8. Sold goods for ₦100,000.
The company's beginning inventory was ₦50,000. The cost of goods sold is ₦400,000. What is the company's ending inventory?
Question 7
A company's manufacturing account for the year ended 31st December 2023 is as follows:
Direct Materials:
₦1,000,000 (Raw materials)
₦500,000 (Direct labour)
₦1,500,000 (Total)
Direct Labour:
₦500,000 (Labour cost)
₦500,000 (Total)
What is the company's total manufacturing cost for the year?
Question 8
A company issued 10,000 ordinary shares of ₦5 each at a premium of ₦2 per share. Calculate the total amount received from the issue of shares.
Question 9
A company's cash book shows the following transactions: Cash received from customers ₦100,000, Cash paid to suppliers ₦50,000, and Cash paid to employees ₦20,000. What is the company's net cash inflow?
Question 10
A partnership has two partners, A and B. Partner A invests ₦100,000 and Partner B invests ₦50,000. If the partnership earns a profit of ₦20,000, what is Partner A's share of the profit?
Question 11
A company has a debenture with a face value of ₦100,000 and a redemption value of ₦80,000. If the company issues the debenture at a discount of 10%, what is the amount received from the debenture?
Question 12
A company's trial balance showed an error of ₦5,000 due to an incorrect posting of a debit entry. The error was discovered during the preparation of the balance sheet. What is the effect of this error on the balance sheet?
Question 13
A company's bank reconciliation statement shows the following differences: Bank statement balance ₦100,000, Cash book balance ₦120,000, and Outstanding checks ₦10,000. What is the company's corrected cash balance?
Question 14
A company's bank reconciliation statement shows the following:
Bank Balance ₦100,000
Deposits in Transit ₦20,000
Outstanding Checks ₦10,000
What is the company's adjusted bank balance?
Question 15
A company has the following transactions during the year: Purchased goods for ₦100,000 on credit, sold goods for ₦120,000 on credit, and paid cash for ₦50,000. What is the total amount of the company's credit sales?
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