POST UTME AL-HIKMAH UNIVERSITY 2019 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company uses the weighted average method of inventory costing. The following data is available: Beginning Inventory ₦30,000, Purchases ₦60,000, Sales ₦40,000, and Ending Inventory ₦20,000. What is the cost of goods sold?
Question 2
A company's trial balance as at 31st December 2022 is as follows: Sales: ₦5,000,000; Cost of Goods Sold: ₦3,500,000; Operating Expenses: ₦1,200,000. What is the total value of the assets?
Question 3
A company purchased a machine for ₦120,000. At the end of the first year, its value decreased by 20%. At the end of the second year, its value decreased by a further 15%. Calculate the total depreciation for the two years.
Question 4
A partnership is formed between two individuals, A and B, with a capital contribution of ₦500,000 and ₦300,000 respectively. The profit-sharing ratio is 3:2. If the profit for the year is ₦1,200,000, calculate the amount of profit to be distributed to A.
Question 5
A company issued 5,000, 10% shares of ₦10 each at a premium of ₦2. Calculate the amount of premium on the shares.
Question 6
A company purchases a machine for ₦200,000 and depreciates it by 10% per annum. Calculate the value of the machine after 3 years.
Question 7
A company has the following transactions: Purchase of goods for ₦200,000, Sales of goods for ₦300,000, Purchase of equipment for ₦100,000, and Payment of wages for ₦50,000. Prepare a simple ledger account for the company.
Question 8
A company issued 10,000, 9% debentures of ₦100 each at a discount of 5%. Calculate the amount of discount on the debentures.
Question 9
A company's income statement shows the following: Sales ₦500,000, Cost of Goods Sold ₦300,000, Gross Profit ₦200,000, Operating Expenses ₦100,000, and Net Income ₦100,000. What is the operating profit margin percentage?
Question 10
A company uses the straight-line method of depreciation for its assets. If the asset's original cost is ₦200,000 and its residual value is ₦20,000, what is the annual depreciation charge if the asset is used for 5 years?
Question 11
A public sector organization has a cash book balance of ₦500,000 and a bank statement balance of ₦550,000. The bank reconciliation statement shows a difference of ₦20,000 due to outstanding cheques. Calculate the difference due to bank errors.
Question 12
A company uses the straight-line method of depreciation. If the cost of the asset is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
Question 13
A company issued 5,000 shares of 10 par value at a premium of 5 per share. The shares were sold for 15 each. Calculate the total amount received from the sale of shares.
Question 14
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a total of ₦1,500,000, calculate the amount of premium received.
Question 15
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a total of ₦1,800,000, calculate the amount of premium received.
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