POST UTME ESUT 2022 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company issued 10,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
Question 2
A company uses the single-entry system of accounting. The following transactions were recorded during the year:
(i) Purchased office equipment for ₦120,000.
(ii) Sold goods for ₦150,000.
(iii) Purchased raw materials for ₦80,000.
(iv) Paid salaries of ₦30,000.
(v) Collected cash from customers for ₦200,000.
Determine the net profit or loss for the year.
Question 3
A company's trial balance showed the following balances: Accounts Payable ₦ 50,000, Accounts Receivable ₦ 20,000, Sales Revenue ₦ 100,000, Cost of Goods Sold ₦ 60,000. Prepare the company's income statement.
Question 4
A company's cash book shows the following transactions for the month of April:
Cash received from customers: ₦200,000
Cash paid to suppliers: ₦140,000
Cash paid to employees: ₦60,000
Cash received from bank: ₦35,000
Cash paid to bank: ₦30,000
What is the total cash paid by the company during the month of April?
Question 5
A partnership is dissolved when one partner withdraws from the business. The remaining partners will share the profits and losses in the ratio of their capital contributions. If the capital contributions are in the ratio 3:5:7, and the total capital is ₦150,000, what is the amount of profit to be shared by the partner with a capital contribution of ₦30,000?
Question 6
A company's cash book shows the following transactions for the month of February:
Cash received from customers: ₦150,000
Cash paid to suppliers: ₦100,000
Cash paid to employees: ₦40,000
Cash received from bank: ₦25,000
Cash paid to bank: ₦20,000
What is the total cash paid by the company during the month of February?
Question 7
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
Question 8
A company has a ledger that shows a debit balance of ₦40,000 in the account 'Purchases'. However, the company's accounting records show that the purchases were actually made on credit. What is the correct treatment of this error?
Question 9
A company's ledger accounts are as follows: Cash ₦ 10,000, Accounts Payable ₦ 5,000. Prepare the company's trial balance.
Question 10
A company uses the single entry system of accounting. The following transactions were recorded in the cash book for the month of January:
Cash received from customers: ₦120,000
Cash paid to suppliers: ₦80,000
Cash paid to employees: ₦30,000
Cash received from bank: ₦20,000
Cash paid to bank: ₦15,000
What is the total cash received by the company during the month of January?
Question 11
A company uses the single-entry system of accounting. The company's journal entries for the year are as follows: Debit Cash ₦ 10,000, Credit Accounts Payable ₦ 5,000. Prepare the company's ledger accounts.
Question 12
A government agency uses the accrual basis of accounting. If the agency receives ₦80,000 in cash from customers in a month, but also incurs expenses of ₦100,000, what is the net cash inflow for the month?
Question 13
A company has a control account that shows a debit balance of ₦30,000 in the account 'Cash at Bank'. However, the company's accounting records show that the cash was actually withdrawn from the bank. What is the correct treatment of this error?
Question 14
A company uses the straight-line method of depreciation for its assets. If the asset has a useful life of 10 years and a residual value of ₦20,000, what is the annual depreciation charge if the asset cost ₦250,000?
Question 15
A company has a capital of ₦600,000 divided into 6,000 shares of ₦100 each. The company issues 2,000, 10% preference shares of ₦50 each at a premium of ₦5. Calculate the amount received from the preference shareholders.
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