POST UTME RSU 2022 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company produces two products, X and Y, using two machines, A and B. The production process for X requires 2 hours on machine A and 3 hours on machine B, while the production process for Y requires 3 hours on machine A and 2 hours on machine B. If machine A operates for 24 hours and machine B operates for 18 hours, what is the total number of units of product X produced?
Question 2
A company uses the double entry system of accounting. The following transactions are recorded in the journal: Debitors ₦ 10,000, Creditors ₦ 5,000, Capital ₦ 20,000. What is the total amount of the company's assets?
Question 3
A company's trial balance shows a discrepancy of ₦1,500 between the debit and credit sides. The accountant has identified the following errors: (i) a credit of ₦800 was posted to the wrong account, (ii) a debit of ₦300 was omitted, and (iii) a credit of ₦400 was posted twice. What is the correct amount of the discrepancy?
Question 4
A company's balance sheet as at 31st December 2022 shows a total assets of ₦1,500,000 and a total liabilities of ₦1,000,000. What is the company's net worth?
Question 5
A company issues 10,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
Question 6
A company uses the single-entry system of accounting. The company's trial balance as at 31st December 2022 shows the following balances:
Debtors: ₦120,000
Stock: ₦150,000
Accrued Expenses: ₦30,000
What is the total value of the company's assets as at 31st December 2022?
Question 7
A company has two partners, A and B. A invests ₦100,000 and B invests ₦80,000. The profit is divided in the ratio 3:2. If the total profit is ₦120,000, how much does A receive?
Question 8
A company's trial balance shows a discrepancy of ₦1,500 between the debit and credit sides. The accountant has identified the following errors: (i) a credit of ₦800 was posted to the wrong account, (ii) a debit of ₦300 was omitted, and (iii) a credit of ₦400 was posted twice. What is the correct amount of the discrepancy?
Question 9
A manufacturing company uses the weighted average method to assign overhead costs to jobs. The company has the following data for the month of January: total overhead costs of ₦120,000, total direct labor hours of 1,000, and total machine hours of 800. If the company uses a machine rate of ₦150 per hour and a labor rate of ₦100 per hour, what is the total overhead cost assigned to jobs using the weighted average method?
Question 10
Determine the correct classification of the following account: 'Wages Payable' under the Generally Accepted Accounting Principles (GAAP).
Question 11
A company issues 10,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
Question 12
A firm has the following transactions in its trial balance: Debitors ₦ 50,000, Creditors ₦ 30,000, Capital ₦ 100,000, Drawings ₦ 20,000. What is the total amount of the firm's assets?
Question 13
A company issues 5,000, 10% shares of ₦50 each at a premium of ₦10. Calculate the amount received from shareholders.
Question 14
A company uses the single-entry system of accounting. The company's trial balance as at 31st December 2022 shows the following balances:
Debtors: ₦120,000
Stock: ₦150,000
Accrued Expenses: ₦30,000
What is the total value of the company's equity as at 31st December 2022?
Question 15
A company issues 10,000 shares of ₦5 par value at a premium of ₦3 per share. If the company receives ₦50,000 in cash, what is the total amount of the premium received?
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