POST UTME AL-HIKMAH UNIVERSITY 2020 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's profit and loss account for the year ended 31st December 2022 is as follows: Sales: ₦1,500,000, Purchases: ₦1,200,000, Returns Outwards: ₦20,000, Returns Inwards: ₦15,000. Calculate the gross profit for the year.
Question 2
A company purchased a machine for 10,000 and depreciated it by 10% per year. If the machine was sold after 3 years, what is the total amount of depreciation?
Question 3
A company's profit and loss account shows a net profit of ₦50,000. However, the balance sheet shows a decrease in its equity of ₦20,000. What is the likely cause of this discrepancy?
Question 4
A company uses the double-entry system of accounting. The company's assets at the beginning of the year were ₦500,000. During the year, the company purchased equipment for ₦200,000 and sold goods for ₦300,000. What is the company's net worth at the end of the year?
Question 5
A company's trial balance showed the following balances: Accounts Payable 5,000, Accounts Receivable 10,000, Common Stock 30,000, and Retained Earnings 15,000. What is the total amount of the company's liabilities?
Question 6
A company has a cash book account with a balance of ₦150,000. The company receives a cash deposit of ₦50,000 and pays a bill of ₦20,000. What is the new balance of the cash book account?
Question 7
A company uses the double-entry system of accounting. The company's assets at the beginning of the year were ₦500,000. During the year, the company purchased equipment for ₦200,000 and sold goods for ₦300,000. What is the company's net worth at the end of the year?
Question 8
A company issued 10,000, 10% debentures of ₦100 each on 1st January 2022. The debentures are redeemable at par after 5 years. Calculate the annual charge for the year ended 31st December 2022.
Question 9
A company's Balance Sheet as at 31st December 2020 showed the following balances: Capital £ 50,000, Profit £ 20,000, Drawings £ 10,000. Prepare the company's Profit and Loss Account for the year ended 31st December 2020.
Question 10
A company's trading account for the year ended 31st December 2020 showed the following balances: Sales £ 100,000, Purchases £ 80,000, Returns Outwards £ 5,000. Prepare the company's Trading Account for the year ended 31st December 2020.
Question 11
A company issued 5,000 shares of 1 par value at a premium of 2 per share. If the company received a total of 15,000, what is the total amount of the premium received?
Question 12
A company issued 10,000 shares of 1 par value at a premium of 3 per share. If the company received a total of 35,000, what is the total amount of the premium received?
Question 13
A company's cash book shows a balance of ₦10,000. However, the bank statement shows a balance of ₦12,000. What is the likely cause of this discrepancy?
Question 14
A company uses the double-entry system of accounting. The company's assets at the beginning of the year were ₦500,000. During the year, the company purchased equipment for ₦200,000 and sold goods for ₦300,000. What is the company's net worth at the end of the year?
Question 15
A company uses a cash book to record its cash transactions. The cash book has the following accounts: Cash, Bank, and Discounts. The company's cash account balance is ₦100,000 and its bank account balance is ₦50,000. If the company receives a deposit of ₦20,000 and pays a bill of ₦15,000, what is the new balance in the Cash account?
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