POST UTME RHEMA UNIVERSITY 2022 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's cash book shows a balance of ₦250,000 on December 31st, but the bank statement shows a balance of ₦300,000. The bank statement also shows a credit of ₦50,000 for a loan received from a customer. What is the correct journal entry to reconcile the cash book and bank statement?
Question 2
A manufacturing company uses a job costing system. The following data are extracted from the company's records for a particular job:
Direct Materials: ₥ 10,000
Direct Labour: ₥ 20,000
Overheads: ₥ 30,000
Total Cost: ₥ 60,000
Calculate the percentage of total cost that represents the direct labour cost.
Question 3
A company's trading account shows a profit of ₦200,000. The company's profit and loss account shows a net profit of ₦250,000. The company's balance sheet shows a total assets of ₦1,500,000 and total liabilities of ₦800,000. What is the company's net worth?
Question 4
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 | Cash | ₦10,000 | |
| 2 | Bank | | ₦15,000 |
| 3 | Cash | | ₦20,000 |
What is the correct balance in the cash account?
Question 5
A company prepares a statement of financial position as at 31st December, 2022. The statement shows total assets of ₦500,000 and total liabilities of ₦300,000. What is the amount of equity?
Question 6
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received from the issue of shares?
Question 7
A company's manufacturing account shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 | Raw Materials | ₦10,000 | |
| 2 | Labour | ₦5,000 | |
| 3 | Factory Overheads | ₦8,000 | |
| 4 | Work-in-Progress | | ₦23,000 |
What is the total cost of production?
Question 8
A government agency is responsible for collecting taxes on behalf of the government. The agency collects ₦1,000,000 in taxes and pays ₦800,000 to the government. What is the amount of taxes retained by the agency?
Question 9
A company issued 10,000 shares of ₥ 10 each at a premium of ₥ 2 per share. Calculate the total amount received from the issue of shares.
Question 10
A company issued 5,000 shares of ₥ 10 each at a premium of ₥ 5 per share. Calculate the total amount received from the issue of shares.
Question 11
A government agency uses the accrual basis of accounting. During the year, the agency receives ₦1,000,000 in cash and earns revenue of ₦1,500,000. The agency also incurs expenses of ₦800,000 and pays cash of ₦600,000. What is the net increase in cash?
Question 12
A company issued 10,000 shares of ₦.50 each at a premium of ₦0.50 per share. Calculate the total amount received from the issue of shares.
Question 13
A company's depreciation policy is based on the straight-line method. The cost of a machine is ₦50,000 and its residual value is ₦10,000. What is the annual depreciation charge?
Question 14
A company's trial balance shows an error of ₦1,500 in the debit side of the purchases account. The correct amount of purchases is ₦120,000. What is the correct amount of purchases?
Question 15
A partnership has the following capital accounts: A: ₦300,000; B: ₦200,000; C: ₦400,000. If the profit is divided in the ratio 2:3:4, what is the amount of profit allocated to partner C?
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