POST UTME UNILAG 2018 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A government agency has the following transactions for the year ended December 31, 2022:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| Jan 1 | Cash | ₦100,000 | |
| Jan 15 | Accounts Payable | | ₦50,000 |
| Feb 28 | Salaries Expense | ₦20,000 | |
| Mar 31 | Cash | | ₦30,000 |
| Apr 15 | Accounts Receivable | | ₦40,000 |
Determine the correct balance for the Salaries Expense account.
Question 2
A company has the following trial balance as at December 31, 2022:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | ₦10,000 | |
| Accounts Payable | | ₦5,000 |
| Sales Revenue | | ₦20,000 |
| Cost of Goods Sold | ₦15,000 | |
| Net Income | | ₦5,000 |
Determine the correct balance for the Cash account.
Question 3
A company uses the straight-line method of depreciation. If the cost of a machine is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
Question 4
A company's trial balance shows a debit balance of ₦1,500 in the account 'Rent Received' and a credit balance of ₦1,200 in the account 'Rent Paid'. What is the correct journal entry to record the correction of this error?
Question 5
A company's Balance Sheet showed the following balances: Share Capital ₦100,000, Reserves ₦50,000, and Total Assets ₦150,000. Prepare the Balance Sheet.
Question 6
A company produces 100 units of a product in a day. The product sells at ₦500 per unit. If the company incurs a fixed cost of ₦5,000 and a variable cost of ₦200 per unit, what is the break-even point in units?
Question 7
A company's balance sheet as at 31/12/2017 is as follows:
Assets ₦100,000
Liabilities ₦80,000
The company's equity is ₦20,000. Prepare the balance sheet.
Question 8
A company has the following financial statements: Trading Account: Sales ₦500,000, Cost of Goods Sold ₦300,000; Profit and Loss Account: Profit ₦100,000. What is the net profit?
Question 9
A company uses the single entry system. The following transactions are recorded in the journal:
Sale of goods for ₦120,000
Purchase of goods for ₦80,000
Payment of ₦30,000 to a creditor
What is the total value of the assets of the company?
Question 10
The following trial balance of a partnership firm is given. Prepare the trading and profit and loss appropriation account for the year ended 31st December 2018.
Question 11
A company uses the single entry system. The following transactions are recorded in the journal:
Sale of goods for ₦120,000
Purchase of goods for ₦80,000
Payment of ₦30,000 to a creditor
What is the total value of the assets of the company?
Question 12
A company has the following balance sheet:
| Asset | Value |
| --- | --- |
| Cash | ₦10,000 |
| Accounts Receivable | ₦20,000 |
| Inventory | ₦30,000 |
| Property, Plant, and Equipment | ₦50,000 |
| Total Assets | ₦110,000 |
What is the total value of the company's liabilities?
Question 13
A company uses the perpetual inventory system. On January 1, 2022, it had 500 units of a product on hand at a cost of ₦100 per unit. During the year, 300 units were sold, and 200 units were purchased at ₦120 per unit. Calculate the cost of goods sold for the year.
Question 14
The following ledger accounts of a company are given. Prepare the trial balance as at 31st December 2018.
Question 15
A company has the following trial balance:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | ₦10,000 | |
| Accounts Payable | | ₦20,000 |
| Sales Revenue | | ₦50,000 |
| Cost of Goods Sold | ₦30,000 | |
| Net Income | | |
What is the net income?
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