POST UTME NOUN 2024 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company has the following trial balance: Assets 100,000; Liabilities 50,000; Equity 50,000. What is the net profit?
Question 2
A company issues 10,000 shares of 1 par value at a premium of 3 per share. If the company receives 35,000 from the sale of shares, what is the total amount of share capital?
Question 3
A company issued 10,000 debentures of ₦1,000 each at a discount of 5%. Calculate the total amount received from the issue of debentures.
Question 4
A company issued 5,000 shares of 10 par value at a premium of 5 per share. The shares were sold for 15 each. Calculate the total amount received from the sale of shares.
Question 5
The following is a partial extract from the balance sheet of XYZ Ltd. as at 31st December 2023: Fixed Assets ₦1,500,000; Current Assets ₦800,000; Current Liabilities ₦500,000. Calculate the net worth of the company.
Question 6
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership and Partner B has a 40% interest. If the partnership has a net income of 10,000, how much will Partner A receive?
Question 7
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company received a total of ₦1,500,000, what is the amount received from the issue of shares?
Question 8
A company issued 5,000, 10% preference shares of ₦10 each at a premium of ₦2. Calculate the total amount received from the issue of these shares.
Question 9
A company's trading account for the year ended December 31, 2023, showed a profit of ₦1,500,000. The company's profit and loss account for the year ended December 31, 2023, showed a net profit of ₦2,000,000. Calculate the company's net worth as at December 31, 2023.
Question 10
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 ₦30,000. Calculate the net increase in cash.
Question 11
A company's profit and loss account for the year ended 31st December 2023 is as follows: Sales: ₦1,800,000; Purchases: ₦1,200,000; Returns Outwards: ₦30,000; Returns Inwards: ₦10,000. Calculate the gross profit for the year.
Question 12
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company received a total of ₦1,500,000, what is the amount received from the issue of shares?
Question 13
A company uses the cash book to record all its financial transactions. The cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦110,000. What is the most likely reason for the discrepancy?
Question 14
A manufacturing company uses a job costing system. The company incurred the following costs during the month: direct materials 10,000, direct labor 15,000, and factory overhead 20,000. If the company produced 1,000 units during the month, calculate the cost per unit.
Question 15
A company's trading account for the year ended 31st December 2023 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Returns Outwards: ₦50,000; Returns Inwards: ₦20,000. Calculate the gross profit for the year.
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