POST UTME UNIBEN 2024 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company issues 10,000 9% debentures of ₦100 each at a premium of 5%. Calculate the amount received from debenture holders.
Question 2
A company has a cash book balance of ₦50,000 and a bank statement balance of ₦60,000. The bank statement shows a credit of ₦10,000 for a cheque deposited but not yet cleared. What is the correct balance of the company's cash account?
Question 3
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | ₦10,000 | |
| 2nd Jan | Bank | | ₦15,000 |
| 3rd Jan | Cash | | ₦20,000 |
Calculate the bank balance on 3rd January.
Question 4
A company issued 10,000 shares of 1 par value at a premium of 4 per share. The proceeds from the issue were credited to a share capital account. What is the amount credited to the share capital account?
Question 5
A manufacturing company uses the weighted average method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The raw materials cost ₦0.50 per unit, the work-in-progress costs ₦1.25 per unit, and the finished goods cost ₦2.00 per unit. If the company has 100 units of raw materials, 50 units of work-in-progress, and 200 units of finished goods, calculate the total value of the inventory.
Question 6
A company's trial balance shows the following balances: Accounts Payable ₦0,000, Accounts Receivable ₦0,000, Common Stock ₦1,000, and Retained Earnings ₦0,000. Prepare a balance sheet for the company.
Question 7
Two partners, A and B, share profits in the ratio 3:2. If the total profit is ₦150,000, what is partner A's share?
Question 8
A company purchases a machine for ₦100,000 and depreciates it using the straight-line method over a period of 5 years. What is the annual depreciation charge?
Question 9
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 10
A company issued 10,000 shares of 1 par value at a premium of 5 per share. The proceeds from the issue were credited to a share capital account. What is the amount credited to the share capital account?
Question 11
In a partnership account, the capital of two partners, A and B, is N100,000 and N150,000 respectively. If the profit for the year is N50,000, and the profit-sharing ratio is 3:2, what is the amount of profit to be distributed to partner A?
Question 12
A company has the following cash book entries: Debit Cash ₦10,000, Credit Accounts Payable ₦10,000. What is the effect on the cash balance?
Question 13
A company has a cash book balance of ₦15,000 and a bank statement balance of ₦25,000. The bank statement shows a debit of ₦5,000 for a cheque dishonoured but not yet returned. What is the correct balance of the company's cash account?
Question 14
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The proceeds from the sale of these shares were used to purchase equipment. The equipment was depreciated using the straight-line method over a 5-year useful life. At the end of the first year, the equipment had a book value of 18,000. What was the total amount of depreciation expense for the first year?
Question 15
A company's trading account shows the following:
| Particulars | ₦ |
| --- | --- | --- |
| Sales | 100,000 |
| Cost of Goods Sold | 60,000 |
| Gross Profit | 40,000 |
Calculate the company's gross profit percentage.
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