POST UTME UNILORIN 2023 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company prepares a trial balance. The debit column totals ₥0,000 and the credit column totals ₥0,000. What is the purpose of the trial balance?
Question 2
A company's financial statements show the following information:
Total assets: ₦200,000
Total liabilities: ₦100,000
What is the company's net worth?
Question 3
A company prepares a balance sheet. The assets total ₥0,000, liabilities total ₥0,000, and equity totals ₥0,000. What is the accounting equation?
Question 4
A company has the following transactions related to its cash account:
January 1: Cash balance ₦10,000
January 10: Cash sales ₦5,000
January 15: Cash purchase ₦2,000
January 20: Bank deposit ₦3,000
January 25: Cash withdrawal ₦1,000
Prepare a bank reconciliation statement as of January 31.
Question 5
A company manufactures two products, X and Y. Product X has a variable cost of ₦100 per unit and a fixed cost of ₦50,000. Product Y has a variable cost of ₦80 per unit and a fixed cost of ₦30,000. If the selling price of Product X is ₦150 per unit and Product Y is ₦120 per unit, and the company sells 200 units of Product X and 300 units of Product Y, what is the total profit?
Question 6
A company's manufacturing account for the year ended 31st December 2022 is as follows:
Question 7
A company has the following transactions in its bank reconciliation statement:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Bank balance | | 10,000 |
| 15 Jan | Cheque deposited | | 5,000 |
| 20 Jan | Cheque issued | | 3,000 |
| 25 Jan | Bank interest | | 2,000 |
| 31 Jan | Bank balance | | 12,000 |
What is the bank balance on 31 Jan?
Question 8
A company's balance sheet as at 31st December 2022 is as follows:
Fixed Assets: ₦200,000
Current Assets: ₦150,000
Total Assets: ₦350,000
What is the total amount of liabilities recorded in the balance sheet?
Question 9
A company uses the double-entry system to record transactions. If a customer pays ₥0,000 cash for goods worth ₥0,000, what is the effect on the accounting equation?
Question 10
A company's balance sheet shows the following accounts: Fixed Assets ₦500,000, Current Assets ₦300,000, Capital ₦800,000, Profit and Loss Account ₦200,000. What is the total amount of liabilities?
Question 11
A company uses the periodic inventory system. On January 1, 2022, it had 1,000 units of a product on hand at a cost of ₦100 per unit. During the year, 500 units were sold at ₦200 per unit. On December 31, 2022, 200 units were on hand at a cost of ₦120 per unit. What is the cost of goods available for sale for the year?
Question 12
The following balance sheet was extracted from the books of XYZ Manufacturing Company at 31st December 2022.
Question 13
A company has the following transactions related to its accounts payable:
January 1: Accounts payable ₦10,000
January 10: Payment to supplier ₦5,000
January 15: New purchase ₦2,000
January 20: Payment to supplier ₦3,000
January 25: New purchase ₦1,000
Prepare the accounts payable ledger as of January 31.
Question 14
A company has the following transactions in its balance sheet:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Assets | | 100,000 |
| 15 Jan | Liabilities | 50,000 | |
| 20 Jan | Assets | | 80,000 |
| 25 Jan | Liabilities | 30,000 | |
| 31 Jan | Assets | | 120,000 |
What is the equity for the year?
Question 15
A government agency has the following transactions in its bank reconciliation statement:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Bank balance | | 10,000 |
| 15 Jan | Cheque deposited | | 5,000 |
| 20 Jan | Cheque issued | | 3,000 |
| 25 Jan | Bank interest | | 2,000 |
| 31 Jan | Bank balance | | 12,000 |
What is the bank balance on 31 Jan?
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