POST UTME COVENANT UNIVERSITY 2025 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company has a cash book account with the following transactions:
Debit: ₦10,000 on January 1, 2025, and ₦5,000 on January 15, 2025.
Credit: ₦8,000 on January 1, 2025, and ₦3,000 on January 15, 2025.
Calculate the balance in the cash book account on January 31, 2025.
Question 2
A government agency issued ₦1,000,000,000 worth of 5-year bonds at a 10% annual interest rate. If the agency receives a total of ₦1,050,000,000 from the sale of these bonds, what is the total amount of interest received?
Question 3
A company's manufacturing account for the year ended 31st December 20XX shows the following:
| Particulars | Cost |
| --- | --- |
| Opening stock | 10,000 |
| Raw materials purchased | 50,000 |
| Direct labour | 20,000 |
| Factory overheads | 15,000 |
| Closing stock | 12,000 |
What is the total cost of production?
Question 4
A company's balance sheet as at 31 December 20X7 is as follows:
| Assets | ₦ | Liabilities | ₦ |
| --- | --- | --- | --- |
| Cash | 10,000 | Bank Loan | 20,000 |
| Debtors | 30,000 | Share Capital | 50,000 |
| Stock | 40,000 | Profit & Loss A/c | 10,000 |
| Prepaid Rent | 5,000 | | |
What is the total amount of assets?
Question 5
A company's balance sheet as at 31 December 20X7 is as follows:
| Assets | ₦ | Liabilities | ₦ |
| --- | --- | --- | --- |
| Cash | 10,000 | Bank Loan | 20,000 |
| Debtors | 30,000 | Share Capital | 50,000 |
| Stock | 40,000 | Profit & Loss A/c | 10,000 |
| Prepaid Rent | 5,000 | | |
What is the total amount of liabilities?
Question 6
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | 1,000 | |
| 2nd Jan | Bank | | 1,500 |
| 3rd Jan | Cash | | 500 |
| 4th Jan | Bank | | 1,000 |
What is the balance in the cash book?
Question 7
A company's trial balance showed the following balances: Cash ₦100,000, Accounts Payable ₦50,000, and Common Stock ₦200,000. If the company's total assets were ₦300,000, what is the total amount of liabilities?
Question 8
A company's trial balance shows the following:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | 1,000 | |
| Bank | | 500 |
| Sales | | 2,000 |
| Purchases | 1,500 | |
| Capital | | 1,000 |
Calculate the net profit or loss.
Question 9
A company's trial balance shows the following:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | 1,000 | |
| Bank | | 500 |
| Sales | | 2,000 |
| Purchases | 1,500 | |
| Capital | | 1,000 |
Calculate the net profit or loss.
Question 10
A company uses the perpetual inventory system. On January 1, 2025, it had 500 units of a product in stock, costing ₦100 each. On January 15, 2025, 200 units were sold, and on February 1, 2025, 300 units were purchased at ₦120 each. Calculate the cost of goods sold for the period.
Question 11
A company has the following ledger account:
Debit: ₦30,000
Credit: ₦25,000
₦5,000
Calculate the balance.
Question 12
A company has the following journal entry:
Debit: ₦20,000 to Sales
Credit: ₦15,000 to Cost of Goods Sold
₦5,000 to Profit
Calculate the net profit.
Question 13
A company's balance sheet shows a current ratio of 2:1. If the company's current assets are ₦500,000 and its current liabilities are ₦200,000, what is the total amount of its non-current assets?
Question 14
A partnership is dissolved when a partner dies. What is the accounting treatment for the deceased partner's share of the partnership's assets and liabilities?
Question 15
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | 1,000 | |
| 2nd Jan | Bank | | 1,500 |
| 3rd Jan | Cash | | 500 |
| 4th Jan | Bank | | 1,000 |
What is the balance in the bank account?
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