POST UTME UNIPORT 2021 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A manufacturing company uses a job costing system. The following information is extracted from the company's ledger:
Question 2
A company issues 5,000 debentures of ₦100 each at a premium of ₦10 per debenture. If the company receives a total of ₦500,000, what is the amount received from the issue of debentures?
Question 3
A partnership account shows a profit of ₦20,000. If the partners share the profit in the ratio 2:3, what is the amount of profit shared by each partner?
Question 4
A company has the following transactions: Purchased goods for ₦100,000; sold goods for ₦120,000; and returned goods worth ₦10,000. What is the net effect on the company's cash balance?
Question 5
A company uses the perpetual inventory system. On January 1, 2022, it had 500 units of a product in stock, valued at ₦100 each. During the year, 300 units were sold, and 200 units were purchased at ₦120 each. The company uses the weighted average method to value inventory. What is the total value of inventory on December 31, 2022?
Question 6
A company's trial balance showed the following balances: Accounts Payable ₦ 50,000, Accounts Receivable ₦ 30,000, Sales Revenue ₦ 200,000, Cost of Goods Sold ₦ 150,000. Prepare the company's income statement.
Question 7
A company uses the single entry system to record its transactions. The company's ledger shows the following entry: 'Debit: ₦10,000; Credit: ₦5,000'. What is the accounting equation for this entry?
Question 8
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a total of ₦500,000, what is the amount received from the issue of shares?
Question 9
A manufacturing company uses a job order costing system. The company has the following costs: Direct Materials ₦ 10,000, Direct Labor ₦ 15,000, Factory Overhead ₦ 20,000. Calculate the total cost of production.
Question 10
A company's balance sheet showed the following balances: Assets ₦ 100,000, Liabilities ₦ 50,000, Equity ₦ 50,000. Prepare the company's statement of cash flows.
Question 11
A company's balance sheet as at 31 December 2020 is as follows:
| Assets | ₦ | Liabilities | ₦ |
| --- | --- | --- | --- |
| Cash | 10,000 | Debentures | 20,000 |
| Bank | 15,000 | Share Capital | 30,000 |
| Stock | 20,000 | Profit & Loss | 25,000 |
| Total | 45,000 | Total | 85,000 |
What is the value of the company's cash?
Question 12
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Cash | ₦10,000 | |
| 2 Jan | Bank | | ₦15,000 |
| 3 Jan | Cash | | ₦20,000 |
| 4 Jan | Bank | ₦5,000 | |
| 5 Jan | Cash | | ₦30,000 |
What is the balance in the cash book?
Question 13
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Calculate the amount of interest to be paid annually.
Question 14
A company has a manufacturing department that produces two products, X and Y. Product X has a selling price of ₦100 per unit, while product Y has a selling price of ₦150 per unit. If the company sells 500 units of product X and 300 units of product Y, what is the total revenue from the sale of these products?
Question 15
A company's profit and loss account for the year ended 31 December 2020 is as follows:
| Particulars | ₦ |
| --- | --- |
| Sales | 100,000 |
| Cost of Goods Sold | 60,000 |
| Gross Profit | 40,000 |
| Operating Expenses | 20,000 |
| Net Profit | 20,000 |
What is the company's gross profit margin?
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