POST UTME UNN 2017 Accounting | Objective
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Question 1
A company's balance sheet shows total assets of ¦10,000, total liabilities of ¥0,000, and total equity of ¥10,000. What is the company's debt-to-equity ratio?
Question 2
A company uses the perpetual inventory system. On January 1, 2022, it had 500 units of a product on hand with a cost of ₦50 per unit. During the year, 300 units were sold, and 200 units were purchased at ₦60 per unit. The company uses the weighted average method to determine the cost of goods sold. What is the total cost of goods sold for the year?
Question 3
A company's trial balance shows an error of ¦0,000 in the balance of the accounts payable account. The correct balance should be ¦1,000. What is the effect of this error on the company's net income?
Question 4
A company issued 10,000 shares of ₦1 each at a premium of ₦0.50 per share. The company also issued 5,000 ₦100 debentures at 5% interest. Calculate the total amount received from the issue of shares and debentures.
Question 5
A company issues 5,000, 9% debentures of ₦100 each at a discount of 5%. Calculate the amount of discount on the debentures.
Question 6
A company's trading account for the year shows a profit of ₦200,000. The company also has a non-trading income of ₦50,000. Calculate the total profit for the year.
Question 7
The following are the financial statements of XYZ Manufacturing Company for the year ended December 31, 2022:
Balance Sheet:
Assets:
Cash: ₦120,000
Accounts Receivable: ₦150,000
Inventory: ₦200,000
Total Assets: ₦470,000
Liabilities:
Accounts Payable: ₦100,000
Long-term Debt: ₦200,000
Total Liabilities: ₦300,000
Equity:
Common Stock: ₦100,000
Retained Earnings: ₦70,000
Total Equity: ₦170,000
What is the company's current ratio?
Question 8
A company's balance sheet as of December 31, 2022, is as follows:
Question 9
A company's trial balance as of December 31, 2022, is as follows:
Question 10
A company purchased a machine for ₦120,000. The machine is expected to have a useful life of 5 years and a residual value of ₦20,000. Calculate the annual depreciation using the straight-line method.
Question 11
A company's profit and loss account shows a profit of ¦10,000. If the company's capital is ¦10,000, what is the amount of dividends to be declared?
Question 12
A company issues 1,000 shares of its common stock at ₦50 per share. If the company also issues 500 shares of its 8% preferred stock at ₦75 per share, what is the total amount of cash received from the sale of these shares?
Question 13
A company purchased a machine for ₦150,000. The machine is expected to have a useful life of 5 years and a residual value of ₦20,000. Calculate the annual depreciation using the straight-line method.
Question 14
A company's trial balance shows an error of ¦0,000 in the balance of the accounts payable account. The correct balance should be ¦1,000. What is the effect of this error on the company's net income?
Question 15
A company has the following cash transactions for the month of January:
Cash received from customers: ₦150,000
Cash paid to suppliers: ₦80,000
Cash paid for rent: ₦20,000
Cash received from bank loan: ₦50,000
What is the company's net cash inflow for the month?
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