POST UTME BELLS UNIVERSITY 2017 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company has a control account that shows a balance of ₦1,000,000. The company's ledger account shows a balance of ₦800,000. What is the correct amount of the control account?
Question 2
A company has the following trial balance as of December 31, 2020:
Question 3
A company's balance sheet as at 31st December 2022, showed a total equity of ₦5,000,000. The company's profit and loss account for the year ended 31st December 2022, showed a net profit of ₦2,500,000. Calculate the company's retained earnings as at 31st December 2022.
Question 4
A company has a self-balancing ledger that shows a balance of ₦500,000. The company's ledger account shows a balance of ₦400,000. What is the correct amount of the self-balancing ledger?
Question 5
A company uses the weighted average method to value its inventory. The following data is available for the year ended December 31, 2022: Cost of goods available for sale: ₦1,500,000; Net realizable value of ending inventory: ₦1,200,000; Beginning inventory: ₦800,000. What is the cost of goods sold for the year?
Question 6
A company has the following transactions related to its manufacturing department:
Question 7
A company's income statement for the year ended December 31, 2022, is as follows:
Revenue: ₦1,500,000
Cost of goods sold: ₦900,000
Gross profit: ₦600,000
Operating expenses: ₦150,000
Net income: ₦450,000
What is the company's operating profit margin?
Question 8
A company's trading account shows a profit of ₦120,000. However, the profit and loss account shows a loss of ₦80,000. What is the reason for this discrepancy?
Question 9
A company's cash book shows a balance of ₦200,000. However, the bank statement shows a balance of ₦250,000. What is the reason for this discrepancy?
Question 10
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | 1,000 | |
| 2nd Jan | Bank | | 500 |
| 3rd Jan | Cash | | 800 |
What is the balance of the cash account?
Question 11
A company's balance sheet as at 31st December 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 | 80,000 |
What is the value of the company's stock?
Question 12
A manufacturing company uses the process costing method to value its products. The company has two departments: Cutting and Assembly. The Cutting department has a total cost of ₦1,200,000 and the Assembly department has a total cost of ₦900,000. The company produces 10,000 units of product A and 5,000 units of product B. What is the total cost of product A?
Question 13
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
Question 14
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | 1,000 | |
| 2nd Jan | Bank | | 500 |
| 3rd Jan | Cash | | 800 |
What is the balance of the bank account?
Question 15
A company's trading account for the year ended 31st December 2022, showed a profit of ₦1,500,000. The company's profit and loss account for the year ended 31st December 2022, showed a net profit of ₦2,500,000. Calculate the company's revenue for the year.
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