POST UTME ACHIEVERS UNIVERSITY 2023 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company uses the cash book to record its transactions. The cash book shows a debit balance of ₦50,000. The bank statement shows a credit balance of ₦30,000. What is the correct balance of the company's cash account?
Question 2
A bank's cash book shows a balance of ₦100,000. The bank's passbook shows a balance of ₦120,000. Calculate the difference between the two balances.
Question 3
A company's control account for Accounts Payable is ₦50,000. The subsidiary ledger shows the following transactions: January 1, 2023, ₦30,000; January 15, 2023, ₦20,000; February 1, 2023, ₦10,000. What is the balance in the control account?
Question 4
A business has an incomplete record of its transactions. The following information is available:
| Date | Debit | Credit |
| --- | --- | --- |
| 1 Jan | ₦ 1,000 | |
| 15 Jan | | ₦ 500 |
| 20 Jan | ₦ 800 | |
| 25 Jan | | ₦ 1,200 |
Determine the missing amounts.
Question 5
A public sector organization has the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Cash | ₦ 1,000 | |
| 15 Jan | Bank | | ₦ 500 |
| 20 Jan | Cash | ₦ 800 | |
| 25 Jan | Bank | | ₦ 1,200 |
Prepare the cash flow statement.
Question 6
A company has the following trial balance:
Question 7
A government agency has the following transactions: January 1, 2023, received ₦100,000 in cash; January 15, 2023, spent ₦50,000 on office supplies; February 1, 2023, received ₦20,000 in cash. What is the total amount of assets?
Question 8
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The company also issued 5,000 ₦ 100 debentures. Calculate the total amount received from the issue of shares and debentures.
Question 9
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Calculate the amount of discount on the debentures.
Question 10
A company's balance sheet shows total assets of ₦500,000 and total liabilities of ₦300,000. Calculate the company's net worth.
Question 11
A company's trial balance showed the following balances: Accounts Payable £ 10,000, Accounts Receivable £ 5,000, Sales Revenue £ 20,000, Cost of Goods Sold £ 15,000. Prepare the income statement.
Question 12
A company's trial balance as of December 31, 2022, is as follows: Accounts Receivable ₦50,000, Accounts Payable ₦30,000, Common Stock ₦100,000, Retained Earnings ₦50,000. What is the total amount of assets?
Question 13
A company uses the straight-line method of depreciation. The cost of the asset is ₦200,000, and its useful life is 5 years. What is the annual depreciation charge?
Question 14
A company's trial balance showed the following balances: Accounts Payable ₦120,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦200,000, and Common Stock ₦300,000. Prepare the company's balance sheet.
Question 15
A trader purchases goods for ₦120,000 and sells them for ₦180,000. Calculate the profit percentage.
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