POST UTME AAUA 2020 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | ₦1,000 | |
| 2nd Jan | Bank | | ₦800 |
| 3rd Jan | Cash | | ₦1,200 |
What is the balance of the company's cash account?
Question 2
A company's bank statement shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | ₦1,000 | |
| 2nd Jan | Bank | | ₦800 |
| 3rd Jan | Cash | | ₦1,200 |
What is the balance of the company's bank account?
Question 3
A company uses the control account system to record its financial transactions. The company's ledger shows the following balances: Control Account: ₦100,000; Subsidiary Ledger: ₦150,000. What is the company's net worth?
Question 4
A company has the following liabilities:
Accounts Payable: ₦20,000
Loans Payable: ₦100,000
Salaries Payable: ₦30,000
What is the total amount of liabilities?
Question 5
A company uses the FIFO method to value its inventory. The following data is available: 100 units of Item A at ₦20 each, 200 units of Item B at ₦30 each, and 300 units of Item C at ₦40 each. If 500 units are sold, what is the total cost of goods sold?
Question 6
A company has the following transactions in its cash book:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Cash | 1,000 | |
| 2 Jan | Cash | | 500 |
| 3 Jan | Cash | | 1,500 |
Prepare the bank reconciliation statement.
Question 7
A company issued 5,000 debentures of ₦ 100 each at a discount of 5%. Calculate the amount received from the issue of debentures.
Question 8
A manufacturing company produces two products, A and B. Product A requires 2 hours of labor and 3 units of raw material, while product B requires 3 hours of labor and 2 units of raw material. If the company has 120 hours of labor and 180 units of raw material available, how many units of product A and product B should the company produce to maximize profit?
Question 9
A partnership has two partners, A and B. The capital accounts of A and B are ₦ 10,000 and ₦ 15,000 respectively. The profit-sharing ratio is 3:2. Calculate the profit to be distributed to A and B.
Question 10
A company uses the straight-line method to depreciate its assets. If the asset cost ₦120,000, has a residual value of ₦20,000, and is expected to last for 5 years, what is the annual depreciation charge?
Question 11
A company has the following transactions in its cash book:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Cash | 1,000 | |
| 2 Jan | Cash | | 500 |
| 3 Jan | Cash | | 1,500 |
Prepare the bank reconciliation statement.
Question 12
A company uses the single-entry system to record its financial transactions. The company's journal shows the following entries: Debit: ₦50,000; Credit: ₦30,000. What is the company's net worth?
Question 13
A company's balance sheet as at 31st December 2020 shows the following:
| Asset | ₦ | Liability | ₦ |
| --- | --- | --- | --- |
| Cash | 1,000 | Bank Loan | 800 |
| Bank | 1,200 | Share Capital | 1,200 |
What is the company's net worth?
Question 14
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The issue expenses were ₦ 20,000. Calculate the amount of share capital.
Question 15
A company uses the single-entry system of accounting. The following transactions occurred during the year:
Depreciation on a machine: ₦12,000
Interest on a loan: ₦8,000
Salaries: ₦150,000
Rent: ₦30,000
What is the total amount of expenses for the year?
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