POST UTME UNIBEN 2017 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. Calculate the total amount received from the issue of shares.
Question 2
A company uses the straight-line method to depreciate its assets. The asset has a useful life of 10 years and a residual value of ₦10,000. Calculate the annual depreciation charge.
Question 3
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Cash | ₦1,000 | |
| 2 Jan | Bank | | ₦1,500 |
| 3 Jan | Cash | | ₦500 |
| 4 Jan | Bank | ₦800 | |
| 5 Jan | Cash | | ₦1,200 |
Calculate the balance of the cash book and the balance of the bank account.
Question 4
A trader purchases goods worth £ 10,000 and sells them at a profit of 20%. Calculate the selling price.
Question 5
A company uses a bank reconciliation statement to reconcile its bank statement with its cash book. The bank statement shows a balance of 10,000, while the cash book shows a balance of 8,000. What is the total amount of the company's assets?
Question 6
The following is a trial balance of XYZ Ltd. at 31st December 2019.
Question 7
A company's assets are valued at ₦1,500,000. If the company's liabilities are ₦800,000, what is the company's net worth?
Question 8
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Cash | ₦1,000 | |
| 2 Jan | Bank | | ₦1,500 |
| 3 Jan | Cash | | ₦500 |
| 4 Jan | Bank | ₦800 | |
| 5 Jan | Cash | | ₦1,200 |
Calculate the balance of the cash book and the balance of the bank account.
Question 9
A company's balance sheet shows an increase in stock of £ 5,000 and a decrease in debtors of £ 2,000. Calculate the net increase in assets.
Question 10
A company has two departments: Manufacturing and Sales. The trial balance of the company shows the following balances: Manufacturing Department: ₦1,500,000; Sales Department: ₦2,000,000. The company's total assets are ₦4,500,000. What is the amount of the company's total liabilities?
Question 11
A company issued 10,000 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the issue of debentures and the amount of discount on the debentures.
Question 12
A company uses a double-entry system to record its transactions. The company's ledger contains the following accounts: Cash, Accounts Payable, Accounts Receivable, and Common Stock. The company's trial balance shows the following balances: Cash 10,000, Accounts Payable 5,000, Accounts Receivable 8,000, and Common Stock 20,000. What is the total amount of the company's assets?
Question 13
The following is a balance sheet of XYZ Ltd. at 31st December 2019.
Question 14
A company's single entry system shows the following transactions:
| Date | Particulars | ₦ |
| --- | --- | --- |
| 1 Jan | Sales | 10,000 |
| 2 Jan | Purchases | 8,000 |
| 3 Jan | Rent | 2,000 |
| 4 Jan | Salaries | 3,000 |
Calculate the net profit for the month of January.
Question 15
A government agency uses a public sector accounting system to record its transactions. The agency's ledger contains the following accounts: Cash, Accounts Payable, Accounts Receivable, and Common Stock. The agency's trial balance shows the following balances: Cash 10,000, Accounts Payable 5,000, Accounts Receivable 8,000, and Common Stock 20,000. What is the total amount of the agency's assets?
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