POST UTME FUTO 2021 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company has the following departmental accounts: Manufacturing Department ₦ 100,000; Selling Department ₦ 80,000; Administrative Department ₦ 50,000. What is the total amount of the company's expenses?
Question 2
A company uses the double-entry system of accounting. The company purchases office supplies for ₦10,000. Prepare the journal entry to record this transaction.
Question 3
A company's trial balance showed the following balances: Accounts Payable ₦30,000, Sales Revenue ₦150,000, Cost of Goods Sold ₦100,000, and Common Stock ₦80,000. Prepare a trading and profit and loss account for the company.
Question 4
A company's income statement as at 31st December 2020 is as follows:
Revenue:
₦1,500,000 - Sales
₦800,000 - Cost of Goods Sold
Expenses:
₦400,000 - Salaries
₦200,000 - Rent
What is the net income of the company?
Question 5
A company uses the double-entry system to record transactions. The company's trial balance shows the following balances: Accounts Payable 10,000, Accounts Receivable 8,000, Common Stock 50,000, and Retained Earnings 20,000. What is the total amount of the company's assets?
Question 6
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received by the company.
Question 7
A manufacturing company uses a job costing system. The following data are available for the month of January: Direct Materials: ₦120,000, Direct Labour: ₦60,000, Overheads: ₦80,000. What is the total cost of production?
Question 8
A company's trading account shows a profit of ₦250,000. Its profit and loss account shows a profit of ₦300,000. Its balance sheet shows a net worth of ₦1,500,000. What is the company's capital?
Question 9
A company's trial balance showed the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. Prepare a balance sheet for the company.
Question 10
In a partnership account, what is the correct method of valuing the goodwill of a partnership?
Question 11
A company produces two products, X and Y, using two machines, A and B. Machine A is used for 6 hours a day to produce 120 units of product X, while machine B is used for 4 hours a day to produce 80 units of product Y. If the total cost of production is ₦1,500,000, and the selling price of product X is ₦2,000 per unit, while that of product Y is ₦1,500 per unit, what is the profit made by the company per day?
Question 12
A company has the following trial balance: Debitors ₦ 100,000; Creditors ₦ 80,000; Capital ₦ 50,000. What is the total amount of the company's assets?
Question 13
A partnership has two partners, A and B. Partner A has a 60% interest in the partnership and Partner B has a 40% interest. If the partnership has a net income of 10,000, how much will Partner A receive in cash?
Question 14
A company issued 10,000 shares of ₦5 each at a premium of ₦2. The shares were sold for ₦7 each. Calculate the total amount received from the sale of shares.
Question 15
A manufacturing company produces two products, A and B. Product A requires 2 hours of labor and 3 units of raw material, while Product B requires 3 hours of labor and 2 units of raw material. If the company has 120 hours of labor available and 180 units of raw material, how many units of Product A and Product B should the company produce to maximize profit?
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