POST UTME UNIPORT 2022 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A partnership is formed between two individuals, A and B, with a capital of ₦500,000 each. After 2 years, the profit is shared in the ratio 3:2. If the total profit is ₦1,200,000, calculate the amount of profit shared by A.
Question 2
The following is a trial balance for XYZ Ltd. as at 31st December 2022.
Question 3
A company purchases a machine for ₦1,500,000. The machine has a useful life of 5 years and a residual value of ₦150,000. Calculate the annual depreciation using the straight-line method.
Question 4
A company purchases a machine for ₦1,000,000. The machine has a useful life of 5 years and a residual value of ₦100,000. Calculate the annual depreciation using the reducing balance method.
Question 5
A company's balance sheet as at 31st December 2022 is as follows: Equity: ₦1,500,000; Liabilities: ₦1,200,000. Calculate the company's gearing ratio.
Question 6
A company uses the double-entry system of accounting. If the company has a debit balance of 5,000 in the Accounts Payable account and a credit balance of 10,000 in the Cash account, what is the net effect on the company's assets?
Question 7
A company has two departments: Manufacturing and Sales. The Manufacturing department has a single entry system, while the Sales department has a complete accounting system. The company's trial balance as at 31st December 2022 is as follows:
Manufacturing:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | 100,000 | 0 |
| Sales | 0 | 150,000 |
| Profit | 50,000 | 0 |
Sales:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | 200,000 | 0 |
| Sales | 0 | 250,000 |
| Profit | 30,000 | 0 |
What is the total profit of the company as at 31st December 2022?
Question 8
A company's trial balance shows the following accounts: Cash 10,000, Accounts Payable 5,000, Common Stock 20,000, and Retained Earnings 15,000. What is the total amount of the company's assets?
Question 9
A company has a control account for its cash. The company's cash account shows a balance of ₦100,000. If the company's cash account has a debit balance of ₦50,000, what is the amount of the company's cash?
Question 10
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership, and Partner B has a 40% interest. If the partnership has a net income of 10,000, how much of the net income will Partner A receive?
Question 11
A company's trading account for the year ended 31st December 2022 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Returns Outwards: ₦50,000; Returns Inwards: ₦20,000. Calculate the gross profit for the year.
Question 12
A company's bank reconciliation statement for the year ended 31st December 2022 is as follows: Bank Balance: ₦1,500,000; Cash in Hand: ₦200,000. Calculate the company's bank overdraft.
Question 13
A company has a single entry system. The company's assets increased by ₦50,000 and its liabilities decreased by ₦20,000. What is the net increase in the company's equity?
Question 14
A company's public sector accounting statement for the year ended 31st December 2022 is as follows: Revenue: ₦1,500,000; Expenditure: ₦1,200,000. Calculate the company's surplus.
Question 15
A company's balance sheet shows a current liability of ₦100,000. However, the company's accounting records show that the liability has been settled. What is the correct journal entry to record the settlement?
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