POST UTME UI 2021 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's balance sheet shows a current liability of ₦50,000 and a non-current liability of ₦100,000. What is the total amount of liabilities?
Question 2
A company has the following departmental costs:
| Department | Cost | Amount |
| --- | --- | --- |
| Sales | Rent | ₦10,000 |
| Production | Salaries | ₦20,000 |
| Administration | Utilities | ₦15,000 |
Calculate the total departmental cost.
Question 3
A company's trial balance shows a discrepancy of ₦10,000. The company's accountant has identified the following errors: (i) an item of ₦5,000 was omitted from the sales account, and (ii) an item of ₦3,000 was incorrectly posted to the purchases account. What is the correct treatment of the errors?
Question 4
A company uses the perpetual inventory system. On January 1, 2022, it had 500 units of a product in stock, costing ₦100 each. During the year, 300 units were sold, and 200 units were purchased at ₦120 each. What is the total cost of goods sold for the year?
Question 5
A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received'. However, the company's accounting records show that it has not received the rent from its tenant. What is the correct journal entry to record the situation?
Question 6
A company purchased a machine for ₠ 500,000. It is expected to have a useful life of 5 years and a residual value of ₠ 50,000. Calculate the annual depreciation using the straight-line method.
Question 7
A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. The profit-sharing ratio is 3:2. Calculate the profit to be shared by A.
Question 8
A firm has the following transactions: Purchased goods for ₦50,000; sold goods for ₦75,000; and purchased office equipment for ₦20,000. Prepare a simple income statement.
Question 9
A company uses the double-entry system of accounting. The following transactions were recorded during the month of January:
Purchased office supplies for ₦10,000 cash.
Sold goods for ₦50,000 on credit.
Paid salaries of ₦20,000 by cheque.
What is the total amount of assets recorded in the ledger?
Question 10
A company has the following manufacturing costs:
| Cost | Amount |
| --- | --- |
| Direct Materials | ₦50,000 |
| Direct Labour | ₦30,000 |
| Overheads | ₦20,000 |
Calculate the total manufacturing cost.
Question 11
A company issues 10,000, 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
Question 12
A company issued 10,000 shares of ₠ 1 each at a premium of ₠ 2 per share. The issue expenses were ₠ 10,000. Prepare the journal entry for the issue of shares.
Question 13
A company's self-balancing ledger for the year ended 31st December 2020 is as follows:
Debit:
₦1,500,000
Credit:
₦1,200,000
What is the company's net effect on the self-balancing ledger?
Question 14
A company's control account for the year ended 31st December 2020 is as follows:
Debit:
₦1,500,000
Credit:
₦1,200,000
What is the company's net effect on the control account?
Question 15
A company uses the self-balancing ledger system. The following transactions were recorded during the month of January:
Purchased office supplies for ₦10,000 cash.
Sold goods for ₦50,000 on credit.
Paid salaries of ₦20,000 by cheque.
What is the total amount of assets recorded in the ledger?
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