POST UTME ELIZADE UNIVERSITY 2024 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company has a cash book balance of ₦100,000 and a bank statement balance of ₦120,000. The difference is due to an outstanding cheque of ₦5,000 and a deposit in transit of ₦10,000. What is the correct balance?
Question 2
A partnership is formed between two individuals, A and B, with initial capital contributions of ₦100,000 and ₦80,000 respectively. During the first year, the partnership earns a profit of ₦120,000. The profit is divided in the ratio 2:3. Calculate the amount of profit that will be distributed to each partner.
Question 3
A company's trading account shows a profit of ₦150,000 and a loss of ₦20,000 on the sale of an asset. What is the net profit for the year?
Question 4
A company has the following transactions: Purchase of goods for ₦200,000, Sales of goods for ₦300,000, and Purchase of equipment for ₦100,000. Prepare a control account for the transactions.
Question 5
A company's balance sheet shows an increase in equity of ₦80,000 and a decrease in liabilities of ₦20,000. What is the net increase in equity?
Question 6
A cash book shows a balance of ₦50,000. The bank statement shows a balance of ₦60,000. The difference is due to an outstanding cheque of ₦5,000 and a deposit in transit of ₦5,000. What is the correct balance?
Question 7
A manufacturing company produces 10,000 units of a product in a month. The cost of production is ₦500 per unit. Calculate the total cost of production for the month.
Question 8
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | 10,000 | |
| 2nd Jan | Bank | | 8,000 |
| 3rd Jan | Cash | | 2,000 |
What is the balance in the cash account?
Question 9
A company's balance sheet as at 31st December 2023 shows a total equity of ₦3,500,000. The company's profit and loss account for the same period shows a profit of ₦2,000,000. The company's retained earnings as at 31st December 2022 were ₦1,000,000. Calculate the company's dividends paid.
Question 10
A company's balance sheet shows an increase in equity of ₦80,000 and a decrease in liabilities of ₦20,000. What is the net increase in equity?
Question 11
A company's balance sheet as at 31st December 2023 shows a total equity of ₦3,500,000. The company's profit and loss account for the same period shows a profit of ₦2,000,000. The company's retained earnings as at 31st December 2022 were ₦1,000,000. Calculate the company's total equity.
Question 12
A company purchases a machine for ₦1,500,000 and depreciates it using the straight-line method over a period of 5 years. Calculate the annual depreciation charge.
Question 13
A company's departmental accounts show the following transactions:
| Department | Sales | Cost of Goods Sold |
| --- | --- | --- |
| A | 100,000 | 80,000 |
| B | | 90,000 |
| C | 120,000 | |
What is the total profit of the company?
Question 14
A company's trial balance as of December 31, 2022, is as follows:
Debit
Cash: ₦100,000
Accounts Receivable: ₦150,000
Prepaid Rent: ₦20,000
Equipment: ₦500,000
Accumulated Depreciation: ₦50,000
Credit
Accounts Payable: ₦80,000
Salaries Payable: ₦30,000
Unearned Revenue: ₦10,000
Common Stock: ₦200,000
Retained Earnings: ₦100,000
Total: ₦1,250,000
₦1,250,000
Determine the correct classification of the following accounts: Cash, Accounts Receivable, Prepaid Rent, Equipment, Accumulated Depreciation, Accounts Payable, Salaries Payable, Unearned Revenue, Common Stock, Retained Earnings.
Question 15
A company issues 10,000 shares of ₦1 each at a premium of ₦5 per share. If the company's issued capital is ₦500,000, what is the amount of the premium received?
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