POST UTME UNILORIN 2017 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company has the following transactions: Purchased goods for ₦50,000, Sold goods for ₦100,000, and Paid salaries of ₦20,000. What is the net income of the company?
Question 2
A company uses the FIFO method to value its inventory. If the cost of the current period's purchases is ₦150,000, the cost of the previous period's inventory is ₦100,000, and the total cost of goods available for sale is ₦250,000, what is the cost of goods sold?
Question 3
A company's profit and loss account for the year ended 31st December 2022 is as follows:
Trading profit:
₦0,000
Non-trading income:
₦0,000
Non-trading expenses:
₦0,000
Calculate the net profit for the year.
Question 4
In a partnership account, if the capital of one partner is increased by ₦50,000 and the capital of another partner is decreased by ₦20,000, what is the net effect on the total capital of the partnership?
Question 5
A company uses the weighted average method to value its inventory. If the cost of the current period's purchases is ₦150,000, the cost of the previous period's inventory is ₦100,000, and the total cost of goods available for sale is ₦250,000, what is the cost of goods sold?
Question 6
A company's balance sheet as at 31st December 2022 is as follows:
Assets:
₦0,000 to cash at bank
₦0,000 to debtors
₦0,000 to stock
₦0,000 to plant and machinery
₦0,000 to investments
Liabilities:
₦0,000 to share capital
₦0,000 to reserves
₦0,000 to long-term loans
Calculate the total amount of liabilities.
Question 7
A company purchases a machine for ₦500,000 and depreciates it using the straight-line method over a useful life of 5 years. If the company uses the machine for 3 years, what is the accumulated depreciation?
Question 8
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | 1,000 | |
| 2nd Jan | Bank | | 1,000 |
| 3rd Jan | Cash | | 500 |
| 4th Jan | Bank | 500 | |
| 5th Jan | Cash | | 1,000 |
| 6th Jan | Bank | 1,000 | |
| 7th Jan | Cash | | 500 |
| 8th Jan | Bank | 500 | |
| 9th Jan | Cash | | 1,000 |
| 10th Jan | Bank | 1,000 | |
What is the balance in the cash account on 10th Jan?
Question 9
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. What is the net income?
Question 10
A company uses the incomplete records system. The following transactions are recorded: Debit Cash ₦ 10,000, Credit Accounts Payable ₦ 5,000, and Debit Common Stock ₦ 15,000. If the company's net income for the period is ₦ 20,000, what is the balance in the Retained Earnings account?
Question 11
A company uses the straight-line method to depreciate its assets. The cost of the asset is ₦100,000, and its useful life is 5 years. What is the annual depreciation expense?
Question 12
A public sector organization uses the self-balancing ledger system. The ledger shows the following balances: Cash ₦ 100,000, Accounts Payable ₦ 50,000, and Common Stock ₦ 200,000. If the organization's net income for the period is ₦ 30,000, what is the balance in the Retained Earnings account?
Question 13
A company has the following transactions: Purchased goods for ₦100,000; sold goods for ₦150,000; and purchased goods for ₦200,000. What is the total value of the company's assets?
Question 14
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, and Sales Revenue ₦200,000. What is the net income?
Question 15
A company's balance sheet shows an asset of ₦200,000 with a carrying value of ₦180,000. What is the amount of impairment loss?
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