POST UTME ELIZADE UNIVERSITY 2025 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company issued 10,000 shares of ₦10 par value at a premium of ₦5 per share. The company also issued 5,000 debentures of ₦100 each. Calculate the total amount received from the issue of shares and debentures.
Question 2
A company uses a self-balancing ledger to record its transactions. The ledger has the following accounts: Cash, Accounts Receivable, Accounts Payable, and Common Stock. If the company has a balance of ₦100,000 in Cash and a balance of ₦50,000 in Accounts Payable, what is the balance in the Common Stock account?
Question 3
A company uses the perpetual inventory system. On January 1, 2025, it had 500 units of a product in stock, costing ₦250 each. During the year, 300 units were sold, and 200 units were purchased at ₦300 each. Calculate the cost of goods sold for the year.
Question 4
A company purchased a machine for ₦500,000 and depreciated it by 10% per annum. Calculate the book value of the machine after 3 years.
Question 5
A company uses the perpetual inventory system. On January 1, 2025, it had 500 units of a product in stock, costing ₦250 each. During the year, 300 units were sold, and 200 units were purchased at ₦300 each. Calculate the cost of goods sold for the year.
Question 6
A company issued 5,000 shares of 10 par value at a premium of 5 per share. The company also issued 2,000 debentures of 100 each. Calculate the total amount received from the issue of shares and debentures.
Question 7
A government agency has the following transactions: Purchase of office equipment for ₦50,000, payment of salaries ₦200,000, and receipt of revenue ₦150,000. Prepare the journal entry for the above transactions.
Question 8
A company uses the perpetual inventory system. On January 1, 2025, it had 500 units of a product in stock, costing ₦250 each. During the year, 300 units were sold, and 200 units were purchased at ₦300 each. Calculate the cost of goods sold for the year.
Question 9
A company has the following ledger balances: Cash ₦100,000, Accounts Payable ₦50,000, and Sales Revenue ₦200,000. Prepare the trial balance.
Question 10
A company's balance sheet shows a current ratio of 2:1. If the total current assets are ₦100,000 and the total current liabilities are ₦50,000, what is the total quick ratio?
Question 11
A manufacturing company uses the process costing method to assign costs to its products. The company's ledger shows a balance of ₦400,000 in the direct materials account. However, the company's cash book shows a balance of ₦350,000 in the cash account. Prepare a statement of cost of goods manufactured.
Question 12
A company issues 10,000 shares of ₦5 each at a premium of ₦2 per share. If the company receives a total of ₦550,000, what is the amount received from the issue of shares?
Question 13
A manufacturing company produces two products, A and B. Product A requires 2 hours of direct labor and 3 hours of indirect labor, while product B requires 3 hours of direct labor and 2 hours of indirect labor. If the company works 8 hours a day and produces 100 units of product A and 50 units of product B, what is the total labor cost for the day?
Question 14
A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. The profit-sharing ratio is 3:2. What is the total profit-sharing ratio?
Question 15
A company has a balance sheet as follows: Assets ₦1,500,000, Liabilities ₦800,000, and Share Capital ₦500,000. What is the amount of retained earnings?
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