POST UTME EKSU 2017 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company has a cash balance of ₦500,000. If the company receives a cash inflow of ₦200,000 and a cash outflow of ₦150,000, what is the new cash balance?
Question 2
A company's trading account for the year ended 31st December 2017 is as follows:
Debit:
Sundry Expenses £ 12,000
Wages £ 20,000
Rent £ 15,000
Credit:
Sales £ 150,000
Purchases £ 120,000
What is the net profit for the year?
Question 3
A company issued 10,000 shares of ₦1 each at a premium of ₦0.50 per share. Calculate the total amount received from the issue of shares.
Question 4
A company has the following transactions related to its cash and bank accounts:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| Jan 1 | Cash | 10,000 | |
| Jan 15 | Bank | | 5,000 |
| Feb 1 | Cash | | 8,000 |
| Mar 1 | Bank | 12,000 | |
What is the balance in the bank account on March 31?
Question 5
A company has the following transactions related to its cash and bank accounts:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| Jan 1 | Cash | 10,000 | |
| Jan 15 | Bank | | 5,000 |
| Feb 1 | Cash | | 8,000 |
| Mar 1 | Bank | 12,000 | |
What is the total amount of cash and bank transactions for the period January 1, 2022, to March 31, 2022?
Question 6
A company uses a job costing system to account for its manufacturing operations. The company has two departments: Cutting and Assembly. The Cutting Department has a balance of ₦120,000 in its Work-in-Progress (WIP) account at the beginning of the year. During the year, the Cutting Department incurs expenses of ₦150,000 and adds ₦200,000 to the WIP account. The Assembly Department has a balance of ₦80,000 in its WIP account at the beginning of the year. During the year, the Assembly Department incurs expenses of ₦100,000 and adds ₦120,000 to the WIP account. The company's total WIP balance at the end of the year is ₦240,000. What is the balance in the Assembly Department's WIP account at the end of the year?
Question 7
A company's profit and loss account for the year ended 31st December 2017 is as follows:
Trading Profit £ 50,000
Non-Trading Income £ 20,000
Total Profit £ 70,000
What is the amount of tax paid?
Question 8
A company uses a job costing system to account for its manufacturing operations. The company has two departments: Cutting and Assembly. The Cutting Department has a balance of ₦120,000 in its Work-in-Progress (WIP) account at the beginning of the year. During the year, the Cutting Department incurs expenses of ₦150,000 and adds ₦200,000 to the WIP account. The Assembly Department has a balance of ₦80,000 in its WIP account at the beginning of the year. During the year, the Assembly Department incurs expenses of ₦100,000 and adds ₦120,000 to the WIP account. The company's total WIP balance at the end of the year is ₦240,000. What is the balance in the Cutting Department's WIP account at the end of the year?
Question 9
A bank's cash book shows a balance of ₦250,000. The bank reconciliation statement shows a difference of ₦10,000 between the cash book balance and the bank statement balance. Calculate the bank statement balance.
Question 10
Determine the amount of depreciation for a machine that cost ₦150,000 and has a useful life of 5 years, using the straight-line method. The machine is currently in its 3rd year of use.
Question 11
A company's profit and loss account for the year ended 31st December 2017 is as follows:
Trading Profit £ 50,000
Non-Trading Income £ 20,000
Total Profit £ 70,000
What is the amount of tax paid?
Question 12
A manufacturing company uses a job costing system. The following data relate to Job No. 101: Direct Materials: ₦15,000; Direct Labour: ₦8,000; Overheads: ₦12,000. Calculate the total cost of the job.
Question 13
A company uses a job costing system to account for its manufacturing operations. The company has two departments: Cutting and Assembly. The Cutting Department has a balance of ₦120,000 in its Work-in-Progress (WIP) account at the beginning of the year. During the year, the Cutting Department incurs expenses of ₦150,000 and adds ₦200,000 to the WIP account. The Assembly Department has a balance of ₦80,000 in its WIP account at the beginning of the year. During the year, the Assembly Department incurs expenses of ₦100,000 and adds ₦120,000 to the WIP account. The company's total WIP balance at the end of the year is ₦240,000. What is the balance in the Cutting Department's WIP account at the end of the year?
Question 14
A company's control account shows a balance of ₦500,000. The ledger account shows a balance of ₦600,000. Calculate the difference between the two balances.
Question 15
A company uses the perpetual inventory system. On January 1, 2022, it had 1,000 units of a product in stock, valued at ₦100 each. On January 15, 2022, 200 units were sold for ₦120 each. On February 1, 2022, 300 units were purchased for ₦110 each. On March 1, 2022, 400 units were sold for ₦130 each. What is the total cost of goods sold for the period January 1, 2022, to March 31, 2022?
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