POST UTME DELSU 2023 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's trial balance shows the following balances: Debitors ₦150,000, Creditors ₦80,000, and Capital ₦120,000. What is the correct balance in the company's balance sheet?
Question 2
A company uses a job order costing system. The following transactions occurred during the period:
Question 3
A company has the following transactions:
Purchased raw materials worth ₦200,000 on credit.
Sold goods worth ₦300,000 for cash.
Purchased machinery worth ₦100,000 on credit.
Sold goods worth ₦250,000 on credit.
Paid cash to suppliers ₦50,000.
What is the total amount of cash received from customers?
Question 4
A government agency prepared a budget with estimated revenues of ₦1,500,000 and expenditures of ₦1,800,000. What is the budget deficit?
Question 5
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. The company also issues 500 debentures of ₦100 each. What is the total amount of share capital and debentures issued?
Question 6
A company has the following transactions:
Purchased raw materials worth ₦100,000 on credit.
Sold goods worth ₦200,000 for cash.
Purchased machinery worth ₦50,000 on credit.
Sold goods worth ₦150,000 on credit.
Paid cash to suppliers ₦25,000.
What is the total amount of cash paid to suppliers?
Question 7
A company's cash book shows a balance of ₦150,000, but the bank statement shows a balance of ₦120,000. The bank charges a service fee of ₦5,000 and the company has a debit balance of ₦30,000. What is the correct balance in the company's cash book?
Question 8
A company's balance sheet as at 31st December 2022 is as follows:
₦1,00,000 Equity Capital
₦50,000 Profit ₹1,50,000
₦1,00,000 Loan ₹1,00,000
₦2,00,000 Total Assets
₦2,00,000 Total Liabilities
Determine the company's gearing ratio.
Question 9
A company's manufacturing account for the year ended 31st December 2022 is as follows:
Opening Work-in-Progress (WIP) ₹50,000
Materials Consumed ₹1,50,000
Labour Cost ₹80,000
Closing WIP ₹70,000
Calculate the cost of goods manufactured.
Question 10
A company's trial balance shows an error of ₦5,000 in the debit side of the wages account. Prepare the necessary journal entry to correct the error.
Question 11
A partnership has the following capital accounts:
John: ₦200,000
Mary: ₦250,000
David: ₦300,000
What is the total amount of capital?
Question 12
A company's balance sheet showed assets of ₦2,500,000 and liabilities of ₦1,500,000. What is the company's equity?
Question 13
A manufacturing company produces two products, A and B. Product A has a selling price of ₦100 per unit, a variable cost of ₦60 per unit, and a fixed cost of ₦10,000. Product B has a selling price of ₦120 per unit, a variable cost of ₦80 per unit, and a fixed cost of ₦15,000. If the company produces 100 units of Product A and 50 units of Product B, what is the total profit?
Question 14
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. The capital contributed by A is ₦120,000 and by B is ₦80,000. What is the ratio of A's and B's drawings?
Question 15
A company's profit and loss account shows a profit of ₦50,000. The company's balance sheet shows a capital of ₦120,000 and a drawing of ₦20,000. What is the correct balance in the company's balance sheet?
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