POST UTME RHEMA UNIVERSITY 2017 Accounting | Objective
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Question 1
A company issued 10,000, 10% preference shares of ₦10 each at a premium of ₦2 per share. Calculate the amount received from the shareholders.
Question 2
A government agency is required to prepare a statement of cash flows. The statement shows a net increase in cash of ₦500,000. What is the reason for the increase?
Question 3
A company uses the cash book to record its transactions. The cash book shows the following entries: Debit: Cash = ₦10,000, Credit: Bank = ₦5,000. What is the net effect on the company's cash balance?
Question 4
A manufacturing company uses a process costing system. The following data is available for the month of January: Direct materials ₦50,000, direct labor ₦60,000, overheads ₦30,000. Calculate the total cost of production for the month.
Question 5
A company's bank reconciliation statement shows a difference of ₦5,000 between the cash book balance and the bank statement balance. The cash book balance is ₦20,000 and the bank statement balance is ₦25,000. Prepare the bank reconciliation statement.
Question 6
A company uses the single-entry system of accounting. The company's cash book shows a debit balance of ₦120,000. Prepare a single-entry ledger account for the cash.
Question 7
A company uses the weighted average method to value its inventory. The cost of goods available for sale is ₦1,500,000, and the total cost of the opening inventory is ₦300,000. The company purchases additional inventory during the period for ₦900,000. If the total cost of the closing inventory is ₦1,200,000, what is the cost of goods sold?
Question 8
A company has the following transactions: Purchased raw materials for ₦150,000, incurred direct labor cost of ₦100,000, and incurred direct overhead cost of ₦50,000. The company's work-in-progress inventory is ₦200,000. What is the total cost of goods manufactured?
Question 9
A company uses the weighted average method to value its inventory. The cost of goods available for sale is ₦1,500,000, and the total cost of the opening inventory is ₦300,000. The company purchases additional inventory during the period for ₦900,000. If the total cost of the closing inventory is ₦1,200,000, what is the cost of goods sold?
Question 10
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the total profit for the year is ₦1,200,000, what is the share of profit of partner A?
Question 11
A manufacturing company uses a job costing system. The following data are extracted from the company's records for the year ended December 31, 2017: Cost of goods manufactured ₦1,500,000; Work-in-progress at the beginning of the year ₦200,000; Work-in-progress at the end of the year ₦250,000. Calculate the cost of goods sold.
Question 12
A company's cash book shows the following transactions: Cash received from customers ₦50,000, cash paid to suppliers ₦30,000, cash paid to employees ₦20,000, cash received from bank ₦10,000. Prepare a cash flow statement for the month.
Question 13
A public sector organization has the following accounts: General Ledger: ₦500,000, Cash Book: ₦300,000. If the organization's total assets are ₦1,000,000, what is the amount of the organization's liabilities?
Question 14
A company issued 10,000 ordinary shares of ₦10 each at a premium of 20%. Calculate the total premium received.
Question 15
A company uses the double-entry system of accounting. The company's cash book shows a credit balance of ₦80,000. Prepare a journal entry to record the bank reconciliation.
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