POST UTME UNILORIN 2019 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's trading account for the year shows a profit of ₦1,200,000. The company's balance sheet shows a capital of ₦2,500,000 and a profit and loss account of ₦1,200,000. What is the company's net worth?
Question 2
A company's public sector accounting for the year ended 31st December 2022 is as follows: Government Grants: ₦100,000; Subsidies: ₦50,000; Interest on Loans: ₦20,000. Calculate the total government assistance for the year.
Question 3
A company has the following transactions: Purchased goods for ₦1,500,000, sold goods for ₦2,000,000, and paid salaries of ₦400,000. If the company has a capital of ₦1,000,000, what is the net profit of the company?
Question 4
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable after 5 years. Calculate the amount of discount on the debentures.
Question 5
A company purchases a machine for ₦500,000 and depreciates it by 10% per annum. If the machine is depreciated for 5 years, what is the total depreciation?
Question 6
A company prepares a trading account for the year ended December 31, 2022. The company's sales revenue for the year was ₦500,000, and its cost of goods sold was ₦350,000. The company also incurred a selling and administrative expense of ₦20,000. What is the correct net profit for the year?
Question 7
A company's bank reconciliation statement for the year ended 31st December 2022 is as follows: Cash at bank: ₦1,000,000; Bank overdraft: ₦500,000. Calculate the company's bank balance.
Question 8
A manufacturing company uses the process costing method. The company has two departments: Cutting and Assembly. The Cutting department has a production cost of ₦1,200,000 and the Assembly department has a production cost of ₦2,500,000. The company's total production cost is ₦4,000,000. Calculate the cost of production per unit for the Cutting department.
Question 9
A company's control account for the year ended 31st December 2022 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Returns Outwards: ₦20,000; Returns Inwards: ₦10,000. Calculate the total sales for the year.
Question 10
A manufacturing company uses the process costing method. The company has two departments: Cutting and Assembly. The Cutting department has a production cost of ₦1,500,000 and the Assembly department has a production cost of ₦3,000,000. The company's total production cost is ₦5,000,000. Calculate the cost of production per unit for the Assembly department.
Question 11
A company's profit and loss account for the year shows a profit of ₦1,500,000. The company's balance sheet shows a capital of ₦3,000,000 and a profit and loss account of ₦1,500,000. What is the company's net worth?
Question 12
A company's balance sheet as at 31st December 2022 is as follows: Equity: ₦1,500,000; Liabilities: ₦2,000,000. Calculate the company's capital.
Question 13
A company's balance sheet shows the following assets: Cash ₦50,000, Accounts Receivable ₦30,000. What is the total amount of assets?
Question 14
A company maintains a self-balancing ledger with the following accounts: Cash, Debtors, Creditors, and Capital. If the ledger shows a debit balance of ₦50,000 in the Cash account and a credit balance of ₦30,000 in the Creditors account, what is the total amount of the ledger?
Question 15
A company has the following balance sheet: Assets ₦2,000,000, Liabilities ₦1,200,000, and Equity ₦800,000. What is the ratio of Equity to Total Capital?
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