POST UTME AAUA 2022 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, Sales Revenue ₦100,000, Cost of Goods Sold ₦70,000. What is the company's net income?
Question 2
A company's balance sheet as at December 31, 2022, showed a current liability of ₦200,000 and a non-current liability of ₦500,000. The company's profit and loss account for the year ended December 31, 2022, showed a net profit of ₦300,000. Calculate the company's equity as at December 31, 2022.
Question 3
A company's trading account for the year ended December 31, 2022, showed a profit of ₦250,000. The company also made a gain of ₦75,000 on the sale of a piece of land. The company's profit and loss account for the year ended December 31, 2022, showed a net profit of ₦300,000. Calculate the company's tax liability for the year.
Question 4
A company has the following transactions: Purchased goods for ₦200,000, sold goods for ₦300,000, and purchased a machine for ₦100,000. What is the total amount of the transactions?
Question 5
A company's balance sheet shows the following balances: Cash ₦20,000, Accounts Payable ₦30,000, Common Stock ₦100,000. What is the company's total liabilities?
Question 6
A company issued 10% debentures of ₦100,000 at a premium of ₦10,000. Calculate the annual interest payable.
Question 7
A government agency has the following transactions: Received a grant of ₦500,000, paid salaries of ₦200,000, and purchased a vehicle for ₦150,000. What is the total amount of the transactions?
Question 8
A company issues 10,000 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
Question 9
A company's balance sheet shows a current ratio of 2:1. If the company's current assets are ₦200,000 and its current liabilities are ₦100,000, what is the company's quick ratio?
Question 10
A manufacturing company uses a job costing system. The following data relate to Job No. 101: Materials: ₦15,000; Labour: ₦20,000; Overheads: ₦18,000. Calculate the total cost of the job.
Question 11
A company's trial balance shows an error of ₦20,000 in the credit side of the accounts receivable account. The correct balance is ₦150,000. What is the correct balance of the accounts receivable account?
Question 12
A company issues 10,000 9% debentures of ₦100 each at a premium of 5%. Calculate the amount received from the debenture holders.
Question 13
A company prepares its trial balance as follows:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | ₦100,000 | ₦0 |
| Accounts Payable | ₦0 | ₦50,000 |
| Sales Revenue | ₦0 | ₦200,000 |
| Cost of Goods Sold | ₦0 | ₦150,000 |
| Net Income | ₦0 | ₦50,000 |
| Total | ₦100,000 | ₦450,000 |
Identify the error in the trial balance.
Question 14
A company's trial balance shows an error of ₦15,000 in the debit side of the accounts payable account. The correct balance is ₦120,000. What is the correct balance of the accounts payable account?
Question 15
A bank's cash book shows a balance of ₦500,000. However, the bank statement shows a balance of ₦550,000. What is the reason for the difference?
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