POST UTME UNIOSUN 2023 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company has the following financial statements:
Balance Sheet:
1. Assets
2. Liabilities
3. Equity
Income Statement:
1. Revenue
2. Expenses
3. Net Income
What is the correct classification of the financial statements?
Question 2
A company's single entry system shows the following transactions for the year ended 31st December 2022:
Debit: ₦50,000
Credit: ₦60,000
Prepare the company's ledger accounts and calculate the net profit for the year.
Question 3
A company uses the straight-line method of depreciation. The company purchased a machine on 1st January 2022 for ₦100,000. The machine has a useful life of 5 years and a residual value of ₦20,000. Calculate the annual depreciation for the year 2023.
Question 4
A company has the following balance sheet:
| Asset | Liability | Equity |
| --- | --- | --- |
| 100,000 | 50,000 | 50,000 |
If the company issues 10,000 shares at ₦10 per share, what is the new total equity?
Question 5
A company has the following transactions:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| 1/1 | Cash | 10,000 | |
| 1/2 | Equipment | | 8,000 |
| 1/3 | Rent Expense | | 2,000 |
What is the total amount of cash paid by the company?
Question 6
A company's cash book shows the following transactions:
Debit: ¦ 10,000, Credit: ¦ 5,000. What is the effect of this transaction on the cash balance?
Question 7
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The company also issued 5,000 debentures of 100 each. Calculate the total amount received from the issue of shares and debentures.
Question 8
A company's balance sheet shows the following:
Assets: ¦ 100,000, Liabilities: ¦ 50,000. What is the company's equity?
Question 9
A partnership has the following capital accounts: Partner A ₦200,000, Partner B ₦300,000. The partnership also has the following drawings: Partner A ₦50,000, Partner B ₦75,000. What is the correct journal entry to record the drawings?
Question 10
A company has the following accounting equation:
Assets = Liabilities + Equity
What is the correct classification of the accounting equation?
Question 11
A company's trial balance as at 31st December 2022 is as follows:
Assets:
Cash: ₦50,000
Accounts Receivable: ₦30,000
Inventory: ₦40,000
Equipment: ₦100,000
Total Assets: ₦220,000
Liabilities:
Accounts Payable: ₦20,000
Long-term Debt: ₦80,000
Total Liabilities: ₦100,000
Equity:
Common Stock: ₦50,000
Retained Earnings: ₦70,000
Total Equity: ₦120,000
Total Liabilities and Equity: ₦220,000
Prepare the company's balance sheet as at 31st December 2022.
Question 12
A company has the following ledger accounts: Cash 10,000, Accounts Payable 5,000, Sales Revenue 20,000. What is the total amount of assets and liabilities of the company?
Question 13
A company uses the straight-line method of depreciation. The company purchased a machine on 1st January 2022 for ₦100,000. The machine has a useful life of 5 years and a residual value of ₦20,000. Calculate the annual depreciation for the year 2023.
Question 14
A company's profit and loss account shows the following:
Sales: ¦ 200,000, Cost of Goods Sold: ¦ 150,000. What is the company's gross profit?
Question 15
A company's balance sheet shows the following:
Assets: ¦ 150,000, Liabilities: ¦ 100,000. What is the company's equity?
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