POST UTME SKYLINE UNIVERSITY 2023 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A partnership is formed between two partners, A and B, with a capital of ₦200,000 and ₦300,000 respectively. After one year, the profit is shared in the ratio 2:3. If the profit is ₦60,000, how much does partner A receive?
Question 2
A company has the following transactions: Purchased office supplies for ₦5,000, Purchased equipment for ₦20,000, and Sold goods for ₦30,000. What is the total amount of assets?
Question 3
A company has a self-balancing ledger as follows: Debit ₦2,000,000, Credit ₦2,000,000. What is the company's net worth?
Question 4
A company has two departments: Manufacturing and Sales. The Manufacturing department has a budget of ₦1,500,000, and the Sales department has a budget of ₦2,000,000. If the company's total budget is ₦3,500,000, what is the ratio of the Manufacturing department's budget to the Sales department's budget?
Question 5
A company has the following transactions: Purchased office supplies for ₦5,000, Purchased equipment for ₦20,000, and Sold goods for ₦30,000. What is the total amount of liabilities?
Question 6
A company issues 10,000, 10% debentures of ₦100 each at a premium of 10%. Calculate the total premium received.
Question 7
A company prepares a trial balance, which shows the following balances: Account A: ₦100,000, Account B: ₦200,000, Account C: ₦300,000. What is the total of the trial balance?
Question 8
A company uses the single-entry system of accounting. The company's journal entries for the year are as follows:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| 1/1 | Cash | 10,000 | |
| 1/15 | Accounts Payable | | 5,000 |
| 2/1 | Sales | | 15,000 |
| 3/1 | Rent Expense | | 2,000 |
What is the company's net income for the year?
Question 9
A company has a balance sheet as follows: Assets ₦3,000,000, Liabilities ₦1,500,000, and Equity ₦1,500,000. What is the company's current ratio?
Question 10
A partnership is formed between two individuals, A and B, with a capital of ₦500,000 each. The partnership agreement states that the profits will be shared in the ratio 3:2. If the profit for the year is ₦250,000, how much will A receive?
Question 11
A company's assets are valued at ₦100,000. The company's accountant has informed you that the correct value should be ₦120,000. What is the correct journal entry to correct this error?
Question 12
A company has the following transactions: Purchased office supplies for ₦10,000, Purchased equipment for ₦50,000, and Sold goods for ₦100,000. Prepare the company's journal entries for the transactions.
Question 13
A company has the following transactions: Purchased goods for £ 5,000 on credit, Sold goods for £ 6,000 on credit, and Paid cash £ 2,000 to a creditor. Prepare the cash book for the company.
Question 14
A company purchased a machine for £ 10,000. The machine is expected to have a useful life of 5 years and a residual value of £ 1,000. Calculate the annual depreciation using the straight-line method.
Question 15
A company's cash book shows the following transactions:
₦10,000 cash received from customers;
₦5,000 cash paid to suppliers;
₦8,000 bank deposit;
₦3,000 bank withdrawal. Prepare the cash book and bank reconciliation statement as at December 31, 2022.
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