POST UTME OAU 2022 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company manufactures 10,000 units of a product. The cost of raw materials is ₦500,000 and the labor cost is ₦300,000. The selling price of each unit is ₦100. Calculate the contribution margin per unit.
Question 2
A company has the following transactions:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Purchase of Equipment | ₦100,000 | |
| 2 Jan | Sale of Goods | | ₦150,000 |
| 3 Jan | Purchase of Inventory | ₦50,000 | |
| 4 Jan | Payment of Salaries | | ₦30,000 |
What is the company's net income for the month?
Question 3
A company's depreciation policy requires that its office equipment be depreciated using the straight-line method over a period of 5 years. If the office equipment cost ₦20,000 and has a residual value of ₦2,000, what is the annual depreciation charge?
Question 4
A company's cash book shows the following transactions:
Debit: ₦10,000, Credit: ₦12,000. What is the correct journal entry for this transaction?
Question 5
A company's cash book shows a debit balance of ₦15,000. However, the bank statement shows a credit balance of ₦20,000. What is the correct explanation for this discrepancy?
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 profit of ₦150,000, how much will partner A receive?
Question 7
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | 1,000 | |
| 2nd Jan | Bank | | 500 |
| 3rd Jan | Cash | | 800 |
What is the balance of the cash account?
Question 8
A company's incomplete records show the following transactions:
Debit: ₦10,000, Credit: ₦12,000. What is the correct journal entry for this transaction?
Question 9
A company has the following transactions for the month of January:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| 1-Jan | Cash | ₦10,000 | |
| 5-Jan | Office Supplies | | ₦5,000 |
| 10-Jan | Salaries | ₦50,000 | |
| 15-Jan | Rent | | ₦20,000 |
| 20-Jan | Cash | ₦30,000 | |
| 25-Jan | Utilities | | ₦10,000 |
Prepare the ledger accounts for the month of January.
Question 10
A company has a single entry system of accounting. The following transactions were recorded in the journal:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Cash | 1,000 | |
| 2 Jan | Equipment | | 800 |
| 3 Jan | Cash | | 200 |
What is the total value of the company's assets at the end of the first week?
Question 11
A company has a single entry system of accounting. The following transactions were recorded in the journal:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Cash | 1,000 | |
| 2 Jan | Equipment | | 800 |
| 3 Jan | Cash | | 200 |
What is the total value of the company's liabilities at the end of the first week?
Question 12
A company's cash book shows the following transactions:
Debit: ₦10,000, Credit: ₦12,000. What is the correct journal entry for this transaction?
Question 13
A company issues 10,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders and the amount of discount.
Question 14
A company issued 10,000 shares of 5 par value at a premium of 20%. Calculate the total amount received from the issue of shares.
Question 15
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
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