POST UTME CALEB UNIVERSITY 2022 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company uses the straight-line method of depreciation. The cost of the asset is 10,000 and its useful life is 5 years. What is the annual depreciation expense?
Question 2
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦100,000. What is the correct balance in the Profit and Loss Account?
Question 3
A company uses the double-entry system to record its transactions. The company has the following accounts: Cash, Accounts Payable, and Common Stock. The company's ledger is balanced as follows: Cash = ₦1000, Accounts Payable = ₦500, and Common Stock = ₦2000. What is the total value of the company's assets?
Question 4
A company has the following ledger balances: Accounts Receivable 50,000, Accounts Payable 30,000, and Common Stock 100,000. What is the total amount of assets?
Question 5
A company issues 5,000 debentures of ₦1,000 each at a premium of ₦50 per debenture. Calculate the total amount received from the issue of debentures.
Question 6
A company has the following balance sheet as of December 31, 2022: Assets ₦500,000; Liabilities ₦200,000; Equity ₦300,000. What is the company's return on equity (ROE) for the year?
Question 7
A company has two departments: Manufacturing and Sales. The Manufacturing department has a balance of ₦120,000, and the Sales department has a balance of ₦80,000. If the company's total assets are ₦400,000, what is the balance of the Administration department?
Question 8
A company has the following trial balance as of December 31, 2022: Cash ₦100,000; Accounts Receivable ₦50,000; Inventory ₦80,000; Equipment ₦200,000; Accumulated Depreciation ₦20,000; Accounts Payable ₦30,000; Salaries Payable ₦10,000. What is the company's net worth as of December 31, 2022?
Question 9
The following is the balance sheet of XYZ Ltd. as at 31st December 2021.
Question 10
A company purchased a machine for ₦400,000 and it is expected to have a useful life of 5 years. Calculate the annual depreciation using the straight-line method.
Question 11
The following trial balance was extracted from the ledger of XYZ Ltd. at the end of the year. Prepare a balance sheet and identify the errors in the trial balance.
Question 12
A company issued 10,000, 5% preference shares of ₦10 each at a premium of ₦2. Calculate the amount received from the issue of preference shares.
Question 13
A company produces two products, X and Y, using two machines, A and B. Machine A is used for 6 hours a day to produce 120 units of product X, while machine B is used for 4 hours a day to produce 80 units of product Y. If the total production cost is ₦120,000, and the selling price of product X is ₦200 per unit, and the selling price of product Y is ₦300 per unit, what is the profit made by the company in a day?
Question 14
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the issue of debentures.
Question 15
A company has the following trial balance: Accounts Receivable 50,000, Accounts Payable 30,000, and Common Stock 100,000. What is the total amount of assets?
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