POST UTME SKYLINE UNIVERSITY 2018 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company uses the cash book to record its transactions. The cash book shows the following entries: Debit: Cash ₦10,000, Credit: Sales ₦15,000. What is the net effect on the cash balance?
Question 2
A company has a balance sheet showing assets of ₦100,000, liabilities of ₦50,000, and equity of ₦50,000. Calculate the return on equity (ROE) of the company.
Question 3
A government agency uses the accrual basis of accounting. The agency receives ₦100,000 in cash from customers and records a revenue of ₦120,000. What is the net effect on the agency's cash balance?
Question 4
A company's balance sheet as at 31st December 2022 is as follows: Share Capital: ₦500,000; Retained Earnings: ₦200,000; Long-term Loans: ₦300,000. Calculate the total equity of the company.
Question 5
A company's balance sheet as at 31st December 2022, showed the following balances: Equity Share Capital ₦500,000, Profit and Loss Account ₦300,000, and Retained Earnings ₦200,000. What is the amount of the company's total equity?
Question 6
A company's profit and loss account for the year ended 31st December 2022, showed a profit of ₦150,000. The balance on the capital account was ₦200,000. The balance on the drawings account was ₦30,000. What is the balance on the profit and loss account after the appropriation?
Question 7
A partnership consists of three partners, A, B, and C. The capital contributions of the partners are as follows: A ₦100,000, B ₦80,000, and C ₦120,000. If the profit is divided in the ratio 2:3:4, what is the share of profit for partner A?
Question 8
A government agency has the following transactions: Cash received from customers = ₦500,000; Cash paid to suppliers = ₦300,000; Cash paid to employees = ₦200,000. Prepare a cash flow statement for the agency.
Question 9
A company's trading account shows a profit of ₦150,000. If the company's profit and loss account shows a net profit of ₦180,000, what is the amount transferred to the retained earnings account?
Question 10
A company's balance sheet as at 31st December 2022 shows an increase in the value of its non-current assets by ₦1,200,000. If the company's total liabilities increased by ₦800,000, what is the increase in shareholders' equity?
Question 11
A partnership has two partners, A and B. A contributes ₦50,000 and B contributes ₦30,000. The profit is divided in the ratio 3:2. Calculate the share of profit of A.
Question 12
In a partnership account, the capital of each partner is usually recorded at the beginning of the year as a _______.
Question 13
A company uses the single-entry system to record its transactions. The following entry is made: Debit: Cash 1,000, Credit: Accounts Payable 1,000. What is the effect of this transaction on the accounting equation?
Question 14
A company's trading account for the year ended 31st December 2022, showed a profit of ₦120,000. The balance on the profit and loss account was ₦150,000. The balance on the capital account was ₦200,000. The balance on the drawings account was ₦30,000. What is the balance on the profit and loss account after the appropriation?
Question 15
A company uses the double-entry system to record its transactions. The following journal entry is made: Debit: Cash 1,000, Credit: Accounts Payable 1,000. What is the effect of this transaction on the accounting equation?
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