POST UTME VERITAS UNIVERSITY 2024 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company has the following trial balance:
Debit:
₦50,000 - Office Equipment
₦20,000 - Rent
₦30,000 - Salaries
Credit:
₦40,000 - Office Supplies
₦60,000 - Utilities
What is the correct journal entry to record the following transaction:
Debit: ₦10,000 to 'Office Equipment'
Credit: ₦8,000 to 'Office Supplies'
Question 2
A company has the following transactions: Purchased goods for ₦120,000 on credit, sold goods for ₦180,000 on credit, and paid a dividend of ₦30,000. Prepare the Trading Account, Profit and Loss Account, and Balance Sheet.
Question 3
A company has the following manufacturing account:
Debit:
₦100,000 - Direct Materials
₦50,000 - Direct Labour
Credit:
₦150,000 - Cost of Goods Sold
What is the gross profit of the company?
Question 4
A manufacturing company produces 1,000 units of a product that sells for ₦100 per unit. The company's direct materials cost is ₦50 per unit, and its direct labor cost is ₦20 per unit. If the company's overhead cost is ₦30,000, what is the company's total cost of goods sold?
Question 5
A company has the following income statement:
| Revenue | Expenses | Net Income |
| --- | --- | --- |
| 100,000 | 50,000 | 50,000 |
What is the total amount of expenses for the company?
Question 6
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. What is the company's net income?
Question 7
A company's cash book shows the following transactions: Cash Sale ₦100,000, Cash Purchase ₦50,000, Bank Deposit ₦20,000. What is the company's net cash flow?
Question 8
A company has the following trial balance:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | 10,000 | |
| Equipment | | 10,000 |
| Rent Expense | | 1,000 |
| Utilities Expense | | 500 |
| Salaries Expense | | 2,000 |
| Total | 10,000 | 10,000 |
What is the total amount of assets for the company?
Question 9
A company has the following transactions: Purchased goods for ₦120,000 on credit, sold goods for ₦180,000 on credit, and paid a dividend of ₦30,000. Prepare the Trading Account, Profit and Loss Account, and Balance Sheet.
Question 10
A company has the following transactions:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Cash | 10,000 | |
| 2 Jan | Equipment | | 10,000 |
| 3 Jan | Rent Expense | | 1,000 |
| 4 Jan | Utilities Expense | | 500 |
| 5 Jan | Salaries Expense | | 2,000 |
What is the total amount of expenses for the month of January?
Question 11
A company has the following balance sheet:
| Assets | Liabilities | Equity |
| --- | --- | --- |
| Cash | 10,000 | |
| Equipment | | 10,000 |
| Total | 10,000 | 10,000 |
What is the total amount of liabilities for the company?
Question 12
A company has the following income statement:
| Revenue | Expenses | Net Income |
| --- | --- | --- |
| 100,000 | 50,000 | 50,000 |
What is the net income for the company?
Question 13
A company's trial balance as of December 31, 2023, is as follows: Accounts Receivable ₦50,000, Accounts Payable ₦30,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, Salaries Expense ₦100,000, Rent Expense ₦20,000. What is the net income for the year?
Question 14
A company's balance sheet as at 31st December, 2022 is as follows:
Question 15
A company produces a product that requires 2 hours of direct labor and 1 hour of indirect labor to produce 1 unit. During the year, it produced 10,000 units. If the direct labor cost is ₦50 per hour and the indirect labor cost is ₦30 per hour, what is the total labor cost for the year?
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