POST UTME COVENANT UNIVERSITY 2019 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's profit and loss account for the year ended December 31, 2022, shows the following:
Trading Profit: ₦200,000
Non-Trading Income: ₦50,000
What is the total profit?
Question 2
A company has the following transactions: Purchased goods for ₦40,000; sold goods for ₦50,000; purchased office equipment for ₦15,000. Prepare a control account for the company.
Question 3
A company's trading account for the year ended 31st December 2022 is as follows:
Sales 1,200,000
Cost of Goods Sold 800,000
What is the gross profit for the year?
Question 4
A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. The profit-sharing ratio is 3:2. Calculate the profit to be distributed to each partner.
Question 5
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received from the issue of shares?
Question 6
A company's cash book shows a debit balance of ₦20,000 for an outstanding cheque. The company's bank statement shows a credit balance of ₦10,000 for the same cheque. What is the correct balance of the company's cash account?
Question 7
A company's control account for the year ended 31st December 2022 is as follows:
Dr.
Bank 100,000
Cr.
Sales 100,000
What is the balance on the control account?
Question 8
A company's accounting policy is to depreciate its assets using the straight-line method. The company's assets are valued at ₦100,000 at the beginning of the year and ₦75,000 at the end of the year. What is the total amount of depreciation recorded during the year?
Question 9
A company uses a self-balancing ledger system. The ledger contains the following accounts: Cash, Accounts Payable, Sales Revenue, and Cost of Goods Sold. The ledger is balanced at the end of each month. If the company's cash balance is ₦125,000 at the beginning of the month and ₦150,000 at the end of the month, what is the total amount of sales revenue recorded during the month?
Question 10
A company has the following transactions related to its accounts receivable account:
Jan 1: Accounts receivable: ₦30,000
Jan 10: Sold goods on credit to customers: ₦25,000
Jan 15: Received cash from customers: ₦20,000
Jan 20: Sold goods on credit to customers: ₦35,000
What is the balance in the accounts receivable account on January 31?
Question 11
A company's depreciation policy is to depreciate all assets by 10% per annum. If an asset with a cost of ₦100,000 is purchased on 1st January 2022, what will be its value at the end of the year?
Question 12
A company purchases a machine for ₦150,000 and depreciates it by 10% per annum. What is the value of the machine after 3 years?
Question 13
A company's final accounts for the year are as follows:
Question 14
A company uses the single entry system. The following transactions were recorded during the year:
Debit: ₦10,000 for rent, ₦5,000 for salaries, ₦2,000 for office supplies, ₦3,000 for electricity bills.
What is the total debit entry?
Question 15
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. The issue expenses were £ 10,000. The company also issued 5,000 6% debentures of £ 100 each. Calculate the total amount received from the issue of shares and debentures.
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