POST UTME BSU 2021 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's financial statements show the following balances: Trading Profit ( ₦ 250,000 ), Non-Current Assets ( ₦ 500,000 ), Current Liabilities ( ₦ 200,000 ). Determine the correct balance for the company's Equity account.
Question 2
A company has the following ledger balances: Share Capital ₦10,000, Cash ₦5,000. Prepare the trial balance.
Question 3
A company's manufacturing department incurred the following costs: direct materials ₦120,000, direct labour ₦80,000, and overheads ₦60,000. Calculate the total cost of production.
Question 4
A company's financial statements show the following balances: Trading Profit ( ₦ 150,000 ), Non-Current Assets ( ₦ 300,000 ), Current Liabilities ( ₦ 100,000 ). Determine the correct balance for the company's Equity account.
Question 5
A company issued 10,000 shares of 1 par value at a premium of 3 per share. If the shares were sold for 5 each, what is the total amount received from the sale of shares?
Question 6
A company uses a job costing system to account for its manufacturing activities. The company has two departments: Cutting and Assembly. The Cutting department has a balance of ₦120,000 in its work-in-progress account, while the Assembly department has a balance of ₦180,000 in its work-in-progress account. If the company's total work-in-progress balance is ₦300,000, what is the balance in the Cutting department's work-in-progress account after the Assembly department has completed its work?
Question 7
A company has the following ledger balances: Share Capital ₦10,000, Cash ₦5,000. Prepare the trial balance.
Question 8
A company purchased a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. If the company uses the straight-line method of depreciation, what is the annual depreciation charge?
Question 9
A sole proprietorship has a balance of ₦500,000 in its capital account. The proprietor withdraws ₦100,000 from the business during the year. If the business has a net income of ₦200,000, what is the new balance in the proprietor's capital account?
Question 10
A company's cash book shows the following transactions:
Question 11
A company uses the single-entry system of accounting. The following transactions were recorded in the accounting period:
Question 12
A company uses the single-entry system of accounting. The company's assets at the beginning of the year were ₦1,000,000, and the assets at the end of the year were ₦1,500,000. The company's expenses for the year were ₦200,000. Calculate the company's net income for the year.
Question 13
A company issued 5,000, 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
Question 14
A company's trial balance shows the following balances: Accounts Payable ( ₦ 150,000 ), Accounts Receivable ( ₦ 200,000 ), Sales Revenue ( ₦ 500,000 ), Cost of Goods Sold ( ₦ 300,000 ). Determine the correct balance for the company's Cash account.
Question 15
A company's financial statements show the following balances: Trading Profit ( ₦ 300,000 ), Non-Current Assets ( ₦ 600,000 ), Current Liabilities ( ₦ 250,000 ). Determine the correct balance for the company's Equity account.
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