POST UTME CHRISTOPHER UNIVERSITY 2025 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
Question 2
In a manufacturing company, the following transactions occurred during the year:
Purchases of raw materials: ₦150,000; Wages paid to workers: ₦120,000; Rent paid: ₦30,000; Depreciation on machinery: ₦20,000.
What is the total amount of expenses incurred by the company?
Question 3
A company's trial balance showed the following balances:
Debtors: ₦150,000; Creditors: ₦80,000; Capital: ₦200,000; Profit: ₦30,000.
What is the total amount of assets?
Question 4
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
Question 5
A public sector organization's budget for the year is as follows:
Revenues: ₦500,000; Expenditures: ₦400,000; Surplus: ₦100,000.
What is the percentage increase in revenues compared to expenditures?
Question 6
A partnership has two partners, A and B. The capital accounts of A and B are 10,000 and 15,000 respectively. The profit-sharing ratio is 3:2. Calculate the profit to be shared by A and B.
Question 7
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Cash | ₦1,000 | |
| 2 Jan | Bank | | ₦500 |
| 3 Jan | Cash | | ₦500 |
| 4 Jan | Bank | | ₦200 |
| 5 Jan | Cash | ₦200 | |
What is the balance in the cash book?
Question 8
A company's manufacturing account shows a cost of goods sold of ₦150,000. The company's selling price is ₦200,000. What is the company's gross profit?
Question 9
A company's trading account shows a profit of ₦80,000. The company's profit and loss account shows a net profit of ₦120,000. What is the company's net worth?
Question 10
A company's balance sheet as at 31st December 2024 is as follows: Share capital 50,000, Debenture capital 100,000, Profit and loss account 20,000. Calculate the total amount of capital and reserves.
Question 11
A company purchases a machine for ₦300,000 and sells it after 3 years for ₦450,000. Calculate the annual depreciation of the machine using the straight-line method.
Question 12
A manufacturing company uses the weighted average method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The raw materials cost ₦100,000, the work-in-progress costs ₦150,000, and the finished goods cost ₦200,000. If the company uses a 20% weight for raw materials, a 30% weight for work-in-progress, and a 50% weight for finished goods, calculate the total value of the inventory.
Question 13
A company issued 5,000 shares of 10 par value at a premium of 5 per share. The total amount received from the issue of shares is 250,000. Calculate the amount of share capital and the amount of share premium.
Question 14
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 ₦120,000 and the Assembly department has a total cost of ₦180,000. If the company produces 1,000 units, what is the total cost per unit?
Question 15
A company issues 5,000 10% preference shares of ₦10 each at a premium of ₦2. Calculate the amount received from the shareholders.
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