POST UTME FUTO 2019 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A partnership has the following capital accounts:
| Partner | Capital | Drawing | Balance |
| --- | --- | --- | --- |
| A | ₦100,000 | ₦20,000 | ₦80,000 |
| B | ₦120,000 | ₦30,000 | ₦90,000 |
| C | ₦150,000 | ₦40,000 | ₦110,000 |
Determine the total capital of the partnership.
Question 2
A company uses a job costing system to account for its manufacturing operations. The company has two departments: Cutting and Assembly. The Cutting department has a balance of ₦120,000 in its Work-in-Progress (WIP) account at the beginning of the year. During the year, the Cutting department incurs expenses of ₦150,000 and adds ₦180,000 to WIP. The Assembly department has a balance of ₦80,000 in its WIP account at the beginning of the year. During the year, the Assembly department incurs expenses of ₦100,000 and adds ₦120,000 to WIP. What is the total WIP balance for the company at the end of the year?
Question 3
A company's cash book shows a balance of ₦150,000. However, the bank statement shows a balance of ₦120,000. The bank reconciliation statement reveals that the company has an outstanding cheque of ₦20,000 and a deposit in transit of ₦10,000. What is the correct balance in the company's cash book?
Question 4
A company uses the double-entry system of accounting. The following transactions occur during the year:
Question 5
A company has the following transactions related to its accounts payable:
| Date | Description | Amount |
| --- | --- | --- |
| Jan 1 | Purchase of goods | ₦100,000 |
| Jan 15 | Payment to supplier | ₦80,000 |
| Feb 1 | Purchase of goods | ₦120,000 |
| Feb 15 | Payment to supplier | ₦90,000 |
Determine the amount of accounts payable at the end of February.
Question 6
A company's financial statements for the year ended December 31, 2022, are as follows:
Question 7
A company has two departments: Manufacturing and Sales. The Manufacturing department has a budget of ₦500,000 and the Sales department has a budget of ₦300,000. If the company's total budget is ₦1,200,000, what is the ratio of the Manufacturing department's budget to the Sales department's budget?
Question 8
A company's trial balance showed the following balances: Accounts Payable £ 10,000, Accounts Receivable £ 5,000, Sales £ 50,000, Cost of Goods Sold £ 30,000. Prepare the company's income statement.
Question 9
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. The company also issued 5,000 £ 100 debentures at 5% interest. Calculate the total amount received from the issue of shares and debentures.
Question 10
A company has a debt of ₦1,000,000 due in 5 years. The interest rate is 10% per annum. Calculate the present value of the debt using the formula for present value of an annuity.
Question 11
A company has a manufacturing department that produces two products, X and Y. The selling price of product X is ₦100 per unit, and the selling price of product Y is ₦120 per unit. If the company sells 500 units of product X and 300 units of product Y, calculate the total revenue from the sale of these products.
Question 12
A partnership has two partners, A and B, who share profits and losses in the ratio 3:2. If the total profit for the year is ₦120,000, calculate the share of profit of partner A.
Question 13
A company has the following transactions related to its control accounts:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| Jan 1 | Purchase of goods | ₦100,000 | |
| Jan 15 | Payment to supplier | | ₦80,000 |
| Feb 1 | Purchase of goods | ₦120,000 | |
| Feb 15 | Payment to supplier | | ₦90,000 |
Determine the balance of the control account.
Question 14
A government agency is responsible for collecting taxes from citizens. The following table shows the tax rates for different income levels:
Question 15
A partnership is formed between two individuals, A and B, with a capital of ₦500,000 each. After 6 months, A withdraws ₦100,000 from the partnership, while B invests an additional ₦50,000. The profit-sharing ratio is 3:2. Calculate the total profit for the year.
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