POST UTME COAL CITY UNIVERSITY 2022 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's trial balance shows an error of 1,000 in the credit side of the accounts payable account. The correct balance is 15,000. What is the correct balance in the debit side of the accounts payable account?
Question 2
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
Question 3
A company purchased a machine for ₦120,000 and depreciated it by 10% per annum. Calculate the book value of the machine after 3 years.
Question 4
A manufacturing company uses a job costing system. The following data are available for the month of January: Direct Materials: ₦120,000; Direct Labour: ₦80,000; Factory Overheads: ₦60,000. Calculate the total cost of production.
Question 5
A company's trial balance showed an error of ₦10,000 due to an omission of a transaction. Prepare the necessary journal entry to rectify the error.
Question 6
A company's ledger account for Sales shows a balance of ₦500,000. The company's trial balance shows a balance of ₦600,000. What is the correct balance in the Sales account?
Question 7
A company's balance sheet at the end of the year shows the following:
| Assets | ₦ | Liabilities | ₦ | Equity | ₦ |
| --- | --- | --- | --- | --- | --- |
| Cash | 10,000 | Bank Loan | 20,000 | Share Capital | 50,000 |
| Office Equipment | 30,000 | Creditors | 15,000 | Retained Earnings | 25,000 |
| Investments | 40,000 | | | | |
| | | | | | |
What is the total amount of the company's assets?
Question 8
A company's balance sheet at the end of the year shows the following:
| Assets | ₦ | Liabilities | ₦ | Equity | ₦ |
| --- | --- | --- | --- | --- | --- |
| Cash | 10,000 | Bank Loan | 20,000 | Share Capital | 50,000 |
| Office Equipment | 30,000 | Creditors | 15,000 | Retained Earnings | 25,000 |
| Investments | 40,000 | | | | |
| | | | | | |
What is the total amount of the company's liabilities?
Question 9
The following is a diagram of a self-balancing ledger:
Question 10
A company's balance sheet as at 31st December 2022 shows a current liability of ₦1,500,000 and a non-current liability of ₦2,000,000. What is the total amount of the company's liabilities?
Question 11
A manufacturing company uses the weighted average method to assign overhead costs to jobs. The company has three departments: machining, assembly, and inspection. The total overhead costs for the year are 120,000. The machining department has 30,000 machine hours, the assembly department has 20,000 machine hours, and the inspection department has 10,000 machine hours. What is the overhead rate per machine hour?
Question 12
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from share capital.
Question 13
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
Question 14
A company's trial balance shows an error of 1,000 in the debit side of the accounts payable account. The correct balance is 15,000. What is the correct balance in the credit side of the accounts payable account?
Question 15
A company uses the FIFO method to value its inventory. The company purchases 100 units of inventory at 10 each and 50 units at 15 each. The company sells 150 units at 18 each. What is the cost of goods sold?
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