POST UTME UNIOSUN 2022 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company uses the FIFO method of inventory valuation. The company purchases 100 units of inventory at ₦50 each and 50 units at ₦60 each. If the company sells 120 units, what is the cost of goods sold?
Question 2
A company uses the single-entry system of accounting. The company's journal entries for the month of January are as follows: Debit Cash = ₦50,000, Credit Sales Revenue = ₦100,000. What is the net income for the month of January?
Question 3
A company's ledger shows a debit balance of ₦80,000 in the Sales account. What is the effect on the accounting equation?
Question 4
A company has the following balance sheet as at 31st December:
Assets:
Cash: ₦0,000
Debtors: ₦0,500
Stock: ₦1,000
Total Assets: ₡2,500
Liabilities:
Creditors: ₦0,000
Capital: ₦0,500
Total Liabilities: ₡0,500
Calculate the net worth of the company.
Question 5
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and its residual value is ₦50,000, what is the annual depreciation charge if the asset's cost is ₦250,000?
Question 6
A government agency uses the accrual basis of accounting to record its transactions. The agency has a revenue of ₦1,000,000 and an expense of ₦800,000 for the year ended December 31, 2022. What is the net income of the agency for the year?
Question 7
A company uses the double-entry system of accounting. The trial balance of the company shows the following balances: Accounts Payable: ₦50,000, Sales Revenue: ₦150,000, Cost of Goods Sold: ₦80,000, and Common Stock: ₦100,000. What is the total amount of assets on the balance sheet?
Question 8
A company uses the cash book to record all its financial transactions. The cash book shows a balance of ₦150,000 on December 31, 2022. However, the bank statement shows a balance of ₦120,000 on the same date. What is the most likely reason for the difference?
Question 9
A company uses the straight-line method of depreciation to depreciate its assets. The company has a machine that cost ₦500,000 and has a useful life of 5 years. What is the annual depreciation expense of the machine?
Question 10
A company uses a self-balancing ledger to record its transactions. The ledger has the following accounts: Cash, Accounts Payable, Sales Revenue, and Cost of Goods Sold. The company's trial balance shows the following balances: Cash = ₦100,000, Accounts Payable = ₦50,000, Sales Revenue = ₦200,000, and Cost of Goods Sold = ₦150,000. What is the total amount of assets on the balance sheet?
Question 11
A company uses the self-balancing ledger system to record its transactions. The company has a cash account that shows a balance of ₦100,000. The company also has a bank account that shows a balance of ₦80,000. What is the total balance of the company's cash and bank accounts?
Question 12
A company uses the straight-line method of depreciation. The company purchases a machine for ₦100,000 and uses it for 5 years. What is the annual depreciation expense?
Question 13
A company issues 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 14
A company has the following transactions for the year:
Purchased goods for ₦0,000.
Sold goods for ₦1,500.
Purchased office equipment for ₦1,000.
Sold office equipment for ₦0,000.
Calculate the net profit or loss for the year.
Question 15
A company uses the LIFO method of inventory valuation. The company purchases 100 units of inventory at ₦50 each and 50 units at ₦60 each. If the company sells 120 units, what is the cost of goods sold?
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