POST UTME AL-HIKMAH UNIVERSITY 2023 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A government agency prepares its financial statements for the year ended 31st December 2022. The agency's financial statements are as follows:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | ₦50,000 | ₦0 |
| Bank | ₦20,000 | ₦0 |
| Accounts Payable | ₦0 | ₦30,000 |
| Sales | ₦0 | ₦150,000 |
| Cost of Goods Sold | ₦0 | ₦80,000 |
| Profit | ₦0 | ₦0 |
| Total | ₦70,000 | ₦220,000 |
What is the amount of profit for the year ended 31st December 2022?
Question 2
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The issue expenses were ₦ 50,000. Calculate the total amount received from the issue of shares.
Question 3
A company's financial statements show the following: Total Revenue ₦1,500,000, Total Expenses ₦1,200,000. What is the net income?
Question 4
A company purchases a machine for ₦500,000 and depreciates it by 20% per annum. What is the value of the machine after 3 years?
Question 5
A company's profit and loss account for the year ended 31st December 2022 is as follows:
| Particulars | ₦ |
| --- | --- |
| Sales | 100,000 |
| Cost of Goods Sold | 60,000 |
| Gross Profit | 40,000 |
| Operating Expenses | 20,000 |
| Net Profit | 20,000 |
What is the company's gross profit percentage?
Question 6
A company manufactures 1,000 units of a product at a cost of ₦50 per unit. The selling price is ₦75 per unit. What is the gross profit?
Question 7
A company's balance sheet as at 31st December 2022 is as follows:
| Assets | ₦ | Liabilities | ₦ |
| --- | --- | --- | --- |
| Cash | 10,000 | Bank Loan | 20,000 |
| Debtors | 30,000 | Share Capital | 50,000 |
| Stock | 40,000 | Retained Earnings | 10,000 |
| Total | 80,000 | Total | 90,000 |
What is the amount of the company's bank loan?
Question 8
A company purchased a machine for ₦ 150,000. It was sold after 3 years for ₦ 100,000. Calculate the annual depreciation.
Question 9
A company issued 5,000 shares of 10 par value at a premium of 25%. Calculate the total amount received from the issue of shares.
Question 10
A company's accounting records show the following transactions: Debit Cash ₦10,000, Credit Accounts Payable ₦5,000, Debit Accounts Receivable ₦8,000, Credit Sales ₦12,000. What is the net effect on the company's cash balance?
Question 11
A company uses the double-entry system of accounting. The following transactions were recorded during the year:
Question 12
A company uses the self-balancing ledger system. The ledger shows the following balances: Cash: ₦50,000, Accounts Payable: ₦30,000, and Sales Revenue: ₦40,000. What is the total equity of the company?
Question 13
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 ₦750,000, calculate the amount of profit that should be shared by A.
Question 14
A company's departmental accounts show the following: Sales Department ₦200,000, Production Department ₦300,000. What is the total cost of goods sold?
Question 15
A company prepares its financial statements for the year ended 31st December 2022. The company's financial statements are as follows:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | ₦50,000 | ₦0 |
| Bank | ₦20,000 | ₦0 |
| Accounts Payable | ₦0 | ₦30,000 |
| Sales | ₦0 | ₦150,000 |
| Cost of Goods Sold | ₦0 | ₦80,000 |
| Profit | ₦0 | ₦0 |
| Total | ₦70,000 | ₦220,000 |
What is the amount of profit for the year ended 31st December 2022?
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