POST UTME FUTO 2017 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company manufactures goods. The following costs are incurred: Direct Materials: ₦120,000, Direct Labour: ₦80,000, Factory Overheads: ₦60,000. Calculate the total cost of production.
Question 2
A company's cash book shows a balance of ₦50,000. The bank statement shows a balance of ₦60,000. The company's cash book also shows a credit balance of ₦10,000 in the bank column. The bank statement shows a debit balance of ₦5,000 in the bank column. What is the correct balance of the company's cash book?
Question 3
A company prepares its final accounts. The trading account shows a profit of ₦120,000, and the profit and loss account shows a profit of ₦180,000. Calculate the balance sheet profit.
Question 4
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦150,000. What is the reason for the difference?
Question 5
A company's trial balance shows the following balances: Cash ₦1,000,000; Accounts receivable ₦500,000; and Inventory ₦800,000. If the company's net working capital is ₦1,500,000, what is the amount of cash that should be reported as a current asset?
Question 6
A company's income statement for the year ended December 31, 2022, is as follows:
Question 7
A company's statement of retained earnings for the year ended December 31, 2022, is as follows:
Question 8
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from debenture holders and the amount of discount.
Question 9
A company's balance sheet as at December 31, 2022, is as follows:
- Assets: ₦2,500,000 (₦1,500,000) (₦1,000,000).
- Liabilities: ₦1,000,000 (₦500,000) (₦500,000).
- Equity: ₦1,500,000 (₦1,000,000) (₦500,000).
Determine the company's net worth as at December 31, 2022.
Question 10
A partnership is formed between two individuals, A and B. A invests ₦200,000 and B invests ₦300,000. The profit is divided in the ratio 2:3. Calculate the profit sharing ratio.
Question 11
A company's trading account shows a profit of ₦100,000. The company's profit and loss account shows a profit of ₦120,000. The company's balance sheet shows a net worth of ₦150,000. What is the correct net worth of the company?
Question 12
A company issued 1,000, 9% debentures of ₦100 each at a discount of 5%. The debentures are redeemable after 5 years. Calculate the annual depreciation on the discount.
Question 13
A company issued 1,000, 9% debentures of ₦100 each at a discount of 5%. The debentures are redeemable after 5 years. Calculate the annual depreciation on the discount.
Question 14
A company's trial balance as at December 31, 2022, is as follows:
- Debit: ₦2,000,000 (₦1,000,000) (₦1,000,000).
- Credit: ₦1,500,000 (₦750,000) (₦750,000).
Determine the company's net profit as at December 31, 2022.
Question 15
A company's cash flow statement for the year ended December 31, 2022, is as follows:
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