POST UTME RHEMA UNIVERSITY 2025 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company has the following balance sheet:
| Asset | Liability | Equity |
| --- | --- | --- |
| Cash | ₦100,000 | |
| Accounts Payable | | ₦50,000 |
| Sales Revenue | ₦200,000 | |
| Cost of Goods Sold | | ₦150,000 |
| Net Income | | ₦50,000 |
What is the total equity of the company?
Question 2
A company's balance sheet shows the following accounts: Cash 20,000, Accounts Payable 15,000, Common Stock 50,000. What is the correct total of the company's assets?
Question 3
A partnership is formed between two partners, A and B, with a capital of ₦500,000 and ₦300,000 respectively. If the profit is divided in the ratio 3:2, calculate the share of profit of partner A.
Question 4
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the profit for the year is ₦150,000, how much will partner A receive?
Question 5
A company uses the single-entry system of accounting. The journal entry for the purchase of a machine on credit is recorded as follows: Debit Machine 10,000, Credit Accounts Payable 10,000. What is the correct classification of this transaction in the financial statements?
Question 6
A company's balance sheet as at 31st December 2024 is as follows: Share Capital: ₦500,000; Retained Earnings: ₦750,000; Debtors: ₦200,000; Creditors: ₦150,000. Calculate the company's net worth.
Question 7
A partnership is formed between two partners, A and B, with a capital of ₦200,000 and ₦300,000 respectively. After 2 years, the profit is shared in the ratio 2:3. Calculate the profit sharing ratio after 3 years.
Question 8
A company uses the weighted average method to value its inventory. If the inventory is valued at ₦100,000, the cost of goods available for sale is ₦150,000, and the beginning inventory is ₦50,000, what is the cost of goods sold?
Question 9
A company's balance sheet shows an asset of ¦10,000,000. However, the company's accountant has forgotten to include a depreciation of ¦0,000,000. Prepare the necessary journal entry to rectify the error.
Question 10
A company issues 10,000, 9% debentures of ₦100 each at a premium of 10%. The debentures are redeemable at the end of 5 years. Calculate the amount of interest to be paid annually.
Question 11
A government agency uses the accrual basis of accounting. If the agency receives ₦100,000 in revenue and incurs ₦50,000 in expenses, what is the net increase in assets?
Question 12
A company purchases a machine for ₦500,000 and depreciates it by 10% per annum. Calculate the book value of the machine after 3 years.
Question 13
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦100,000, and Common Stock ₦150,000. What is the total amount of assets?
Question 14
A company has a manufacturing department that produces two products, A and B. The selling price of product A is ₦100 and the variable cost is ₦60. The selling price of product B is ₦120 and the variable cost is ₦80. If the company produces 100 units of product A and 50 units of product B, calculate the total contribution margin.
Question 15
A company has a departmental accounting system. The manufacturing department has a direct labor cost of ₦100,000 and a direct material cost of ₦150,000. The selling department has a direct labor cost of ₦50,000 and a direct material cost of ₦75,000. If the company uses the absorption costing method, calculate the total cost of goods sold.
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.
Unlock Full Access
Available for Android & Windows