POST UTME DELSU 2022 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company has a cash book balance of ₦150,000 and a bank statement balance of ₦120,000. If the company's cash book shows a debit balance of ₦20,000 and the bank statement shows a credit balance of ₦15,000, what is the amount of the bank reconciliation?
Question 2
A company produces two products, A and B, using two machines, M1 and M2. The production process for product A requires 2 hours on M1 and 3 hours on M2, while product B requires 3 hours on M1 and 2 hours on M2. If the company operates for 24 hours, and M1 and M2 are used for 16 hours and 8 hours respectively, what is the total production of product A and product B?
Question 3
A company's trading account for the year ended 31st December 2022 shows a profit of ₦1,500,000. The company's balance sheet at the beginning of the year showed a capital of ₦2,000,000 and a profit and loss account balance of ₦500,000. The company's balance sheet at the end of the year showed a capital of ₦2,500,000 and a profit and loss account balance of ₦1,000,000. Calculate the company's net profit for the year.
Question 4
A company issued 10,000, 5% shares of ₦10 each at a premium of ₦2. The company's balance sheet at the beginning of the year showed a capital of ₦50,000 and a profit and loss account balance of ₦20,000. The company's trading account for the year ended 31st December 2022 shows a profit of ₦150,000. The company's balance sheet at the end of the year showed a capital of ₦200,000 and a profit and loss account balance of ₦100,000. Calculate the company's net profit for the year.
Question 5
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 6
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 7
A company's bank statement shows a balance of ₦15,000. The company's cash book shows a balance of ₦18,000. The bank statement also shows a debit of ₦2,000 for a dishonored cheque. Calculate the correct balance of the company's cash book.
Question 8
A company issued 10,000 shares of 50% preference shares at ₦10 each. The company also issued 10,000 ordinary shares at ₦5 each. Calculate the total amount received from the issue of shares.
Question 9
A company uses a self-balancing ledger system. The ledger shows the following balances: Cash: ₦10,000; Accounts Payable: ₦5,000. What is the total amount of assets and liabilities on the ledger?
Question 10
A company has the following transactions: Purchased office supplies for ₦15,000; Purchased a new computer for ₦80,000; Sold goods for ₦120,000. What is the total amount of revenue?
Question 11
A partnership was formed on January 1, 2022, between three individuals, A, B, and C, with initial capital contributions of ₦500,000, ₦300,000, and ₦200,000, respectively. During the year, the partnership earned a profit of ₦150,000. The profit was divided in the ratio 2:3:4. Calculate the amount of profit shared by partner A.
Question 12
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders.
Question 13
A company's trial balance shows a discrepancy of ₦1,500 between the debit and credit sides. The company's accountant suspects that the discrepancy is due to an error in the posting of a transaction. Which of the following steps should the accountant take first?
Question 14
A company issued 5,000 debentures of ₦100 each at 10% interest per annum. Calculate the total interest payable on the debentures for the first year.
Question 15
A company uses the single-entry system of accounting. The company's cash account shows a balance of ₦120,000. The company's bank statement shows a balance of ₦110,000. The bank charges a service fee of ₦1,500. What is the correct journal entry to record the bank service fee?
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.
Unlock Full Access
Available for Android & Windows