POST UTME UNIBEN 2021 Accounting | Objective
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Question 1
A company has two departments, A and B. Department A has a balance of ₦120,000 in its control account, and department B has a balance of ₦80,000 in its control account. The total assets of the company are ₦400,000. If the company's total liabilities are ₦200,000, what is the balance in department A's control account after adjusting for the company's total liabilities?
Question 2
A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. If the profit is shared in the ratio 3:2, what is the amount of profit to be distributed to partner A?
Question 3
A bank's cash book shows a balance of ₦2,500,000. However, the bank statement shows a balance of ₦2,800,000. What is the difference between the two balances?
Question 4
A company has a balance sheet as follows: Assets ₦500,000, Liabilities ₦300,000, and Share Capital ₦100,000. What is the company's net worth?
Question 5
A company has a cash book balance of ₦150,000. If the company's bank statement balance is ₦180,000, and there is a difference of ₦10,000, what is the amount of the bank reconciliation?
Question 6
A company's balance sheet shows the following balances: Assets ₦5,000,000, Liabilities ₦2,000,000, Equity ₦3,000,000. What is the company's net worth?
Question 7
A company uses the accrual basis of accounting. If the company's accounts payable balance increased by ₦30,000 during the year and its cost of goods sold was ₦150,000, what is the company's net income?
Question 8
A company's trial balance shows the following balances: Assets: ₦500,000, Liabilities: ₦200,000, Equity: ₦300,000. What is the company's net worth?
Question 9
A company manufactures two products, A and B. Product A requires 2 hours of labor and 3 units of raw material, while product B requires 3 hours of labor and 2 units of raw material. The company has 120 hours of labor and 180 units of raw material available. How many units of product A and product B should the company produce to maximize profit?
Question 10
A company's trial balance shows the following balances: Accounts Payable ₦1,200,000, Sales Revenue ₦2,500,000, Cost of Goods Sold ₦1,800,000. What is the company's net income?
Question 11
A company uses the single entry system to record its financial transactions. The company's assets are ₦200,000, liabilities are ₦100,000, and equity is ₦50,000. What is the company's net worth?
Question 12
A manufacturing company produces two products, A and B. Product A requires 2 hours of labor and 3 hours of machine time, while product B requires 3 hours of labor and 2 hours of machine time. If the company has 10 hours of labor and 12 hours of machine time available, calculate the maximum number of units of product A that can be produced.
Question 13
A company has a control account balance of ₦100,000. If the company's total assets are ₦500,000, and the company's total liabilities are ₦200,000, what is the balance in the company's control account after adjusting for the company's total liabilities?
Question 14
A company's trial balance shows the following account balances: Accounts Receivable ₦50,000, Sales Revenue ₦200,000, and Cost of Goods Sold ₦120,000. What is the company's net income?
Question 15
A company uses a self-balancing ledger to record its transactions. If the company has a debit balance of ₦200,000 and a credit balance of ₦150,000, calculate the net balance.
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