POST UTME DELSU 2020 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A firm has a trial balance as follows: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦120,000, Common Stock ₦100,000. What is the total amount of assets?
Question 2
A company purchased a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation using the straight-line method.
Question 3
A company's balance sheet showed the following balances: Cash ₦ 100,000, Accounts Payable ₦ 50,000, Common Stock ₦ 200,000. Prepare the company's statement of stockholders' equity.
Question 4
A company has a balance sheet as follows: Assets ₦500,000, Liabilities ₦200,000, Equity ₦300,000. What is the ratio of debt to equity?
Question 5
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. The issue expenses were £ 20,000. Calculate the amount of share capital and the amount of share premium.
Question 6
A company's balance sheet showed the following balances: Cash ₦ 150,000, Accounts Payable ₦ 75,000, Common Stock ₦ 300,000. Prepare the company's statement of cash flows.
Question 7
A company's balance sheet as at 31st December 2020 is as follows:
| Assets | ₦ | Liabilities | ₦ | Capital | ₦ |
| --- | --- | --- | --- | --- | --- |
| Cash | 10,000 | Bank Loan | 20,000 | Share Capital | 50,000 |
| Debtors | 30,000 | Creditors | 15,000 | Profit | 25,000 |
| Stock | 40,000 | | | | |
| | | | | |
What is the total amount of the company's assets?
Question 8
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
Question 9
A company's trial balance shows the following accounts: Cash ₦1,500,000, Accounts Payable ₦800,000, Sales Revenue ₦2,500,000, Cost of Goods Sold ₦1,800,000. What is the net income for the company?
Question 10
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The company also issued 5,000 10% debentures of ₦ 100 each. Calculate the total amount received from the issue of shares and debentures.
Question 11
A company's bank reconciliation statement shows a difference of ₦2,000 between the bank's statement and the company's cash book. The company's accountant has identified the following errors: (i) a deposit of ₦1,000 was not recorded in the cash book, and (ii) a cheque of ₦1,000 was recorded in the cash book but not in the bank's statement. What is the correct amount of the difference?
Question 12
A partnership has two partners: A and B. Partner A has a capital account of ₦1,000,000 and a drawing account of ₦200,000. Partner B has a capital account of ₦800,000 and a drawing account of ₦150,000. What is the total capital of the partnership?
Question 13
A company's profit and loss account for the year ended 31st December 2020 is as follows:
| Particulars | ₦ |
| --- | --- |
| Sales | 150,000 |
| Cost of Goods Sold | 100,000 |
| Gross Profit | 50,000 |
| Operating Expenses | 20,000 |
| Net Profit | 30,000 |
What is the company's gross profit percentage?
Question 14
A company purchases a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation using the straight-line method.
Question 15
A company has the following transactions: Purchased goods for £ 10,000; Sold goods for £ 15,000; Purchased goods for £ 8,000. Prepare the ledger accounts for the above transactions.
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