POST UTME BSU 2022 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. Calculate the total amount received from the issue of shares.
Question 2
The following is a diagram of a company's balance sheet:
{
"type": "svg",
"category": "accounting",
"elements": [
{
"type": "asset",
"label": "A",
"position": "left"
},
{
"type": "liability",
"label": "B",
"position": "right"
},
{
"type": "capital",
"label": "C",
"position": "center"
}
],
"connections": [],
"style": "black_and_white_textbook"
}
What is the amount of shareholders' funds?
Question 3
A company's accounting policy requires that depreciation be calculated using the straight-line method. However, the company's management has decided to use the reducing balance method for a specific asset. What is the implication of this decision on the company's financial statements?
Question 4
A company's manufacturing account for the year ended December 31, 2022, shows a cost of goods sold of ₦1,000,000. The company's balance sheet as at December 31, 2022, shows total assets of ₦1,500,000 and total liabilities of ₦800,000. What is the company's gross profit margin for the year?
Question 5
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. The partnership's capital account balance is ₦100,000. If A withdraws ₦20,000 from the business, what is the new capital account balance of B?
Question 6
A company's trial balance shows an error of ₦15,000 due to an incorrect posting of a transaction. The error is discovered during the preparation of the balance sheet. What is the correct procedure to rectify this error?
Question 7
A company issued 5,000 shares of ₦1 each at a premium of ₦0.50 per share. The company also issued 2,000 debentures of ₦100 each. Calculate the total amount received from the issue of shares and debentures.
Question 8
A company's income statement shows the following accounts: Sales ₦2,000,000, Cost of Goods Sold ₦1,200,000, Gross Profit ₦800,000, Operating Expenses ₦200,000, and Net Income ₦600,000. What is the gross profit margin?
Question 9
A company's trading account for the year ended 31st December shows the following:
| Particulars | Debit | Credit |
| --- | --- | --- |
| Sales | ₦500,000 | |
| Purchases | | ₦350,000 |
| Returns Outwards | ₦20,000 | |
| Returns Inwards | | ₦15,000 |
What is the gross profit?
Question 10
A partnership has two partners, A and B. The profit-sharing ratio is 3:2. If the total profit is ₦120,000, calculate the amount of profit that will be shared by partner A.
Question 11
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: ₦50,000; Returns Inwards: ₦20,000. Calculate the gross profit percentage.
Question 12
A company's trial balance shows an error of ₦10,000 due to an incorrect posting of a transaction. The error is discovered during the preparation of the income statement. What is the correct procedure to rectify this error?
Question 13
A manufacturing company produces two products, A and B. Product A requires 2 hours of direct labor and 1 hour of indirect labor, while product B requires 1 hour of direct labor and 2 hours of indirect labor. If the company works 8 hours a day, 5 days a week, and the direct labor rate is ₦50 per hour, what is the total cost of producing 100 units of product A?
Question 14
A partnership is formed between two individuals, A and B, with a capital contribution of ₦500,000 and ₦300,000 respectively. The partnership agreement states that the profits and losses will be shared in the ratio 3:2. If the partnership incurred a loss of ₦120,000, how much will A's share of the loss be?
Question 15
A company issues 10,000 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
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