POST UTME EKSU 2019 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company uses the double-entry system of accounting. If the company purchases an asset for ₦100,000 and pays ₦20,000 cash, what is the journal entry to record the transaction?
Question 2
The following ledger account was extracted from the books of DEF Ltd. at 31st December 2022.
Question 3
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and its residual value is ₦0, what is the annual depreciation charge if the asset's cost is ₦120,000?
Question 4
A company's trial balance shows a debit balance of ₦15,000 in the 'Office Equipment' account. However, the company's accounting records show that the equipment was purchased for ₦20,000 and has a remaining useful life of 3 years. Calculate the annual depreciation charge using the straight-line method.
Question 5
A company's bank reconciliation statement shows a difference of ₦10,000 between the company's cash book balance and the bank statement balance. The company's cash book balance is ₦50,000, and the bank statement balance is ₦60,000. Determine the cause of the difference.
Question 6
The following is a trial balance for a government ministry:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | ₦1,000 | |
| Accounts Payable | | ₦500 |
| Salaries Expense | ₦200 | |
| Rent Expense | | ₦300 |
| Total | ₦1,200 | ₦800 |
What is the correct balance of the Cash account?
Question 7
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. The partnership's capital account shows a balance of ₦200,000 on January 1, 2018. During the year, partner A withdrew ₦50,000 and partner B invested an additional ₦20,000. What is the correct journal entry to record the withdrawal and investment?
Question 8
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. The issue expenses were £ 10,000. Calculate the amount received from the issue of shares.
Question 9
A company has the following financial statements: Income Statement: ₦100,000, Balance Sheet: ₦200,000. What is the company's return on equity?
Question 10
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Cash | ₦10,000 | |
| 2 Jan | Bank | | ₦15,000 |
| 3 Jan | Cash | | ₦20,000 |
| 4 Jan | Bank | ₦25,000 | |
| 5 Jan | Cash | | ₦30,000 |
Calculate the balance in the cash book.
Question 11
A government ministry has the following transactions:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| 1/1 | Cash | ₦1,000 | |
| 1/2 | Accounts Payable | | ₦500 |
| 1/3 | Salaries Expense | ₦200 | |
| 1/4 | Rent Expense | | ₦300 |
What is the correct balance of the Cash account?
Question 12
A company's trial balance showed the following balances: Accounts Payable £ 12,000, Accounts Receivable £ 9,000, Common Stock £ 60,000, Dividends £ 6,000. Prepare a balance sheet.
Question 13
A company uses the weighted average method to value its inventory. The company has three types of inventory: A, B, and C, with quantities of 100, 200, and 300 units, respectively. The costs of these inventories are ₦50, ₦60, and ₦70 per unit, respectively. If the total cost of the inventory is ₦24,000, what is the total value of the inventory?
Question 14
A partnership is formed between three individuals, A, B, and C, with initial capital contributions of ₦100,000, ₦80,000, and ₦120,000, respectively. After one year, the partnership earns a profit of ₦240,000. If A's share of the profit is ₦60,000, what is B's share of the profit?
Question 15
A company uses the single-entry system of accounting. The following transactions were recorded during the year:
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