POST UTME UNIPORT 2018 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's balance sheet shows the following balances:
| Asset | Liability | Equity |
| --- | --- | --- |
| Cash | 1000 | |
| Bank | | 500 |
| Sales | | 2000 |
| Purchases | 1500 | |
| Capital | | 3000 |
What is the total liability of the company?
Question 2
A company's trading account for the year ended December 31, 2022, shows the following: Sales: ₦1,500,000; Purchases: ₦1,200,000; Returns Outwards: ₦20,000; Returns Inwards: ₦15,000. Calculate the gross profit for the year.
Question 3
A manufacturing company produces 10,000 units of a product in a month. The selling price per unit is ₦200, and the variable cost per unit is ₦120. The fixed cost for the month is ₦500,000. Calculate the contribution margin per unit.
Question 4
A company's balance sheet shows the following balances:
| Asset | Liability | Equity |
| --- | --- | --- |
| Cash | 1000 | |
| Bank | | 500 |
| Sales | | 2000 |
| Purchases | 1500 | |
| Capital | | 3000 |
What is the total equity of the company?
Question 5
A company has the following ledger balances as at 31st December, 2018:
Question 6
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a cash payment of ₦12,000, what is the amount of the premium received?
Question 7
A partnership has two partners, A and B. A invested ₦ 50,000 and B invested ₦ 30,000. The profit-sharing ratio is 3:2. Calculate the profit share of A.
Question 8
A company's profit and loss account shows the following transactions: Gross profit ₦50,000, Operating expenses ₦20,000, and Net profit ₦30,000. Prepare the profit and loss account.
Question 9
A company's balance sheet shows total assets of ₦200,000 and total liabilities of ₦100,000. If the company's equity is ₦50,000, what is the amount of the retained earnings?
Question 10
A company has a cash book with the following transactions:
Date | Debit | Credit
01/01/2022 | ₦ 10,000 | ₦ 5,000
02/01/2022 | ₦ 8,000 | ₦ 12,000
03/01/2022 | ₦ 15,000 | ₦ 20,000
Calculate the cash balance on 03/01/2022.
Question 11
A company's profit and loss account shows the following balances:
| Revenue | Expense |
| --- | --- |
| Sales | 2000 |
| Purchases | 1500 |
| Capital | | 3000 |
What is the net loss of the company?
Question 12
A company's profit and loss account shows the following balances:
| Revenue | Expense |
| --- | --- |
| Sales | 2000 |
| Purchases | 1500 |
| Capital | | 3000 |
What is the net profit of the company?
Question 13
A company's cash book shows the following transactions: Cash received from customers ₦100,000, Cash paid to suppliers ₦50,000, and Cash paid to employees ₦20,000. Prepare the cash book.
Question 14
A company has the following bank statement:
Date | Debit | Credit
01/01/2022 | ₦ 10,000 | ₦ 5,000
02/01/2022 | ₦ 8,000 | ₦ 12,000
03/01/2022 | ₦ 15,000 | ₦ 20,000
Calculate the bank balance on 03/01/2022.
Question 15
A company's balance sheet shows the following balances:
| Asset | Liability | Equity |
| --- | --- | --- |
| Cash | 1000 | |
| Bank | | 500 |
| Sales | | 2000 |
| Purchases | 1500 | |
| Capital | | 3000 |
What is the total asset of the company?
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