POST UTME FUTO 2020 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company uses the single-entry accounting method. If the company has a cash balance of ₦20,000 and a credit balance of ₦10,000, what is the total amount of assets?
Question 2
A partnership is formed between two individuals, A and B, with a capital of ₦500,000 and ₦300,000 respectively. The profit-sharing ratio is 3:2. Calculate the total profit for the year, given that the total profit is ₦1,200,000.
Question 3
A company's trial balance shows the following balances: Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Common Stock ₦200,000. What is the company's net income?
Question 4
A company's control account for the year ended 31st December 2020 is as follows: Purchases: ₦1,200,000; Returns Inwards: ₦15,000. Calculate the total purchases for the year.
Question 5
A company's trial balance showed an error of ₦5,000 due to an incorrect posting. The error was discovered and corrected. What is the effect on the company's net profit?
Question 6
A company purchased a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation.
Question 7
A company uses the double-declining balance method to depreciate its assets. If the asset's cost is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
Question 8
A manufacturing company uses a job costing system. The company has two departments: Cutting and Assembly. The Cutting department incurred costs of ₦120,000 and the Assembly department incurred costs of ₦180,000. What is the total cost of production?
Question 9
A company uses the straight-line method to depreciate its assets. If the asset's cost is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
Question 10
A company has a manufacturing overhead of ₦200,000, which is allocated to the production department using the direct labor hours method. If the production department has 10,000 direct labor hours, what is the overhead rate?
Question 11
In a self-balancing ledger, what is the purpose of the control account?
Question 12
A company uses a perpetual inventory system. The company's beginning inventory balance is ₦80,000, and the company purchases goods for ₦120,000 during the period. The company also sells goods for ₦200,000 during the period. What is the company's ending inventory balance?
Question 13
A company has the following departmental accounts: Production, Marketing, and Administration. The production department has a cost of ₦150,000, the marketing department has a cost of ₦50,000, and the administration department has a cost of ₦20,000. Calculate the total departmental cost for the company.
Question 14
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 account, while the Assembly department has a balance of ₦80,000 in its work-in-progress account. The company's total work-in-progress balance is ₦180,000. What is the total cost of goods manufactured by the company?
Question 15
A company's trial balance showed an error of ₦10,000 in the debit side of the purchases account. What is the effect on the profit and loss account?
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