POST UTME UI 2019 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A partnership is formed between two individuals, A and B, with a capital of ₦500,000 each. The profit-sharing ratio is 3:2. If the profit for the year is ₦750,000, calculate the amount of profit that should be distributed to A.
Question 2
A company's balance sheet shows the following accounts: Cash ₦100,000, Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000. What is the total assets of the company?
Question 3
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the total profit for the year ended December 31, 2022, is ₦500,000, calculate the share of profit of partner A.
Question 4
A company's trading account shows a profit of ₦50,000. If the company's capital is ₦100,000 and the drawings are ₦20,000, what is the company's retained earnings?
Question 5
A company's bank reconciliation statement showed a difference of ₦50,000 between the company's cash book balance and the bank statement balance. If the company's cash book balance was ₦200,000, calculate the bank statement balance.
Question 6
A company issued 5,000 debentures of ₦100 each at a premium of ₦10 per debenture. Calculate the total amount received from the issue of debentures.
Question 7
A company uses the perpetual inventory system. If the company purchases goods for ₦100,000 and sells goods for ₦120,000, what is the company's cost of goods sold?
Question 8
A company's trial balance as at 31st December, 2022 is as follows: Accounts Payable ₦50,000; Accounts Receivable ₦20,000; Common Stock ₦100,000; Dividends ₦10,000; Equipment ₦80,000; Expenses ₦30,000; Income Taxes Payable ₦15,000; Interest Payable ₦5,000; Notes Payable ₦40,000; Retained Earnings ₦60,000; Salaries Expense ₦25,000; Sales Revenue ₦150,000; Supplies ₦10,000; Utilities Expense ₦8,000. Prepare a classified balance sheet.
Question 9
A company issued 5,000 shares of ₦10 each at a premium of ₦2 per share. If the company received a total of ₦100,000, calculate the amount of premium received.
Question 10
A company issued 5,000 9% debentures of ₦100 each at a discount of 5%. Calculate the total amount received from the issue of debentures.
Question 11
A manufacturing company uses a job costing system. The company has two departments: Cutting and Assembly. The Cutting department incurs a direct labor cost of ₦120,000 and an indirect labor cost of ₦30,000. The Assembly department incurs a direct labor cost of ₦180,000 and an indirect labor cost of ₦40,000. What is the total direct labor cost for the company?
Question 12
A company issues 10,000, 10% debentures of ₦100 each at a premium of 5%. Calculate the amount received from debenture holders.
Question 13
A company's journal entries for the year ended 31st December, 2022 are as follows: Debit Accounts Payable ₦50,000; Credit Purchases ₦50,000; Debit Accounts Receivable ₦20,000; Credit Sales ₦20,000; Debit Common Stock ₦100,000; Credit Dividends ₦10,000; Debit Equipment ₦80,000; Credit Depreciation Expense ₦80,000; Debit Expenses ₦30,000; Credit Income Taxes Payable ₦15,000; Debit Interest Payable ₦5,000; Credit Notes Payable ₦40,000; Debit Retained Earnings ₦60,000; Credit Salaries Expense ₦25,000; Debit Sales Revenue ₦150,000; Credit Supplies ₦10,000; Debit Utilities Expense ₦8,000; Credit Utilities Expense ₦8,000. Prepare a trial balance.
Question 14
A company uses the straight-line method to depreciate its assets. If the asset cost ₦120,000 and has a useful life of 5 years, what is the annual depreciation charge?
Question 15
A company's trial balance showed the following balances: Accounts Payable ₦200,000, Accounts Receivable ₦150,000, and Common Stock ₦500,000. If the company's total assets were ₦1,200,000, calculate the amount of retained earnings.
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