POST UTME ABU 2020 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's balance sheet shows the following accounts: Cash 10,000, Accounts Receivable 20,000, Inventory 30,000. What is the total current assets?
Question 2
A company has the following transactions:
1. Purchased raw materials for ₦ 100,000.
2. Sold goods for ₦ 150,000.
3. Purchased factory equipment for ₦ 180,000.
4. Paid salaries of ₦ 30,000.
5. Collected cash from customers for ₦ 200,000.
6. Paid rent for ₦ 20,000.
7. Purchased office supplies for ₦ 10,000.
8. Sold factory equipment for ₦ 120,000.
9. Purchased office equipment for ₦ 120,000.
10. Collected cash from customers for ₦ 50,000.
The journal entries were posted to the ledger. The ledger accounts are as follows:
Raw Materials: ₦ 100,000.
Factory Equipment: ₦ 180,000.
Salaries: ₦ 30,000.
Cash: ₦ 450,000.
Rent: ₦ 20,000.
Office Supplies: ₦ 10,000.
Office Equipment: ₦ 120,000.
What is the total amount of cash received from customers?
Question 3
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership and partner B has a 40% interest. The partnership has a net income of 100,000. What is partner B's share of the net income?
Question 4
A company has the following balance sheet at the end of the year:
Assets:
Cash: ₦500,000
Accounts Receivable: ₦1,000,000
Inventory: ₦2,000,000
Total Assets: ₦3,500,000
Liabilities:
Accounts Payable: ₦1,500,000
Long-term Debt: ₦1,000,000
Total Liabilities: ₦2,500,000
What is the company's net worth?
Question 5
A company has a cash balance of ₦500,000 and a bank overdraft of ₦200,000. What is the company's net cash position?
Question 6
A company's balance sheet as at 31st December 2020 is as follows: Assets: ₦2,000,000; Liabilities: ₦1,000,000; Capital: ₦1,000,000. Calculate the company's liquidity ratio.
Question 7
A company has a cash book and a bank reconciliation statement. If the cash book balance is ₦50,000 and the bank statement balance is ₦60,000, what is the reason for the difference?
Question 8
A company has two partners, A and B, who share profits in the ratio 3:2. If the company makes a profit of ₦1,000,000, how much will each partner receive?
Question 9
A company uses the single-entry system of accounting. The trial balance shows the following balances: Cash 10,000, Accounts Payable 5,000, and Common Stock 20,000. What is the net income for the period?
Question 10
A company has the following transactions:
1. Purchased raw materials for ₦ 100,000.
2. Sold goods for ₦ 150,000.
3. Purchased factory equipment for ₦ 180,000.
4. Paid salaries of ₦ 30,000.
5. Collected cash from customers for ₦ 200,000.
6. Paid rent for ₦ 20,000.
7. Purchased office supplies for ₦ 10,000.
8. Sold factory equipment for ₦ 120,000.
9. Purchased office equipment for ₦ 120,000.
10. Collected cash from customers for ₦ 50,000.
The journal entries were posted to the ledger. The ledger accounts are as follows:
Raw Materials: ₦ 100,000.
Factory Equipment: ₦ 180,000.
Salaries: ₦ 30,000.
Cash: ₦ 450,000.
Rent: ₦ 20,000.
Office Supplies: ₦ 10,000.
Office Equipment: ₦ 120,000.
What is the total amount of cash received from customers?
Question 11
In a public sector accounting system, what is the primary purpose of the 'Ledger Account'?
Question 12
A company produces two products, X and Y, using two machines, M1 and M2. The production process for X requires 2 hours on M1 and 3 hours on M2, while the production process for Y requires 3 hours on M1 and 2 hours on M2. If the company operates for 24 hours, how many units of X and Y should it produce to maximize profit, given that the profit per unit of X is ₦150 and the profit per unit of Y is ₦200?
Question 13
A company uses the FIFO method to value its inventory. If the company has three items in its inventory, with costs of ₦100, ₦200, and ₦300, and the quantities are 10, 20, and 30 units, respectively, what is the cost of goods sold?
Question 14
A company uses the single entry system of accounting. The following transactions were recorded in the journal:
1. Purchased office equipment for ₦ 120,000.
2. Sold goods for ₦ 150,000.
3. Purchased raw materials for ₦ 80,000.
4. Paid salaries of ₦ 30,000.
5. Collected cash from customers for ₦ 200,000.
6. Paid rent for ₦ 20,000.
7. Purchased factory equipment for ₦ 180,000.
8. Sold factory equipment for ₦ 120,000.
9. Purchased office supplies for ₦ 10,000.
10. Collected cash from customers for ₦ 50,000.
The journal entries were posted to the ledger. The ledger accounts are as follows:
Office Equipment: ₦ 120,000.
Raw Materials: ₦ 80,000.
Salaries: ₦ 30,000.
Cash: ₦ 350,000.
Rent: ₦ 20,000.
Factory Equipment: ₦ 180,000.
Office Supplies: ₦ 10,000.
What is the total amount of cash received from customers?
Question 15
A company has two departments, A and B. Department A has a budget of ₦1,000,000 and department B has a budget of ₦500,000. If the company allocates 60% of its budget to department A and 40% to department B, what is the total budget allocated to both departments?
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