POST UTME FUTO 2022 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's trial balance shows the following: Accounts Payable ₦5,000, Accounts Receivable ₦10,000, Common Stock ₦10,000, Dividends ₥0,000, Retained Earnings ₦10,000, Sales Revenue ₦10,000, and Wages Expense ₥10,000. What is the company's net income?
Question 2
A company has two partners, A and B. Partner A has a 60% interest in the company and Partner B has a 40% interest. If the company makes a profit of ₦100,000, how much will Partner A receive?
Question 3
A company's income statement shows the following information: Sales = \2,000,000, Cost of Goods Sold = \1,200,000, and Net Income = \500,000. If the company's operating expenses are \200,000, what is the correct amount of the company's net sales?
Question 4
A company uses the perpetual inventory system. If the company purchases 100 units of goods at ₦100 each, and the cost of goods sold is ₦10,000, what is the cost of goods available for sale?
Question 5
A company uses the single-entry system of accounting. The company's cash account shows a debit balance of ₦1,500,000. The company's bank statement shows a balance of ₦1,800,000. What is the amount of the company's outstanding checks?
Question 6
A government agency has the following transactions for the year:
- Received ₦500,000 from the treasury
- Issued ₦200,000 worth of goods to a charity
- Paid ₦150,000 for rent
- Collected ₦300,000 in fines
- Paid ₦100,000 in salaries
What is the total amount of revenue for the year?
Question 7
A company has a control account for its cash account. If the cash account has a debit balance of ₦50,000 and the control account has a credit balance of ₦20,000, what is the correct balance in the cash account?
Question 8
A partnership has three partners, A, B, and C. Partner A has a 40% interest in the partnership, partner B has a 30% interest, and partner C has a 30% interest. If the partnership's net income is ₦1,500,000, what is partner C's share of the net income?
Question 9
A sole proprietorship has the following transactions: Purchased goods for ₦20,000,000, sold goods for ₦25,000,000, and received cash of ₦18,000,000. What is the net income of the business?
Question 10
A company's balance sheet shows the following information: Total Assets = \1,500,000, Total Liabilities = \800,000, and Net Worth = \700,000. If the company's accounts payable account is \100,000, what is the correct amount of the company's accounts receivable account?
Question 11
A company uses the self-balancing ledger system. The company's accounts payable account shows a debit balance of ₦2,000,000. The company's accounts receivable account shows a credit balance of ₦1,500,000. What is the company's net working capital?
Question 12
A company uses the single-entry system to record its transactions. The company's ledger shows the following: Cash ₦10,000, Accounts Receivable ₦10,000, Sales Revenue ₦10,000, and Wages Expense ₥10,000. What is the company's net income?
Question 13
A company's balance sheet shows the following information: Total Assets = \1,500,000, Total Liabilities = \800,000, and Net Worth = \700,000. If the company's accounts payable account is \100,000, what is the correct amount of the company's accounts receivable account?
Question 14
A company uses the straight-line method to depreciate its assets. If the asset cost ₦120,000 and has a useful life of 5 years, what is the annual depreciation charge?
Question 15
A sole proprietorship has the following transactions: Purchased goods for ₦10,000,000, sold goods for ₦12,000,000, and received cash of ₦8,000,000. What is the net income of the business?
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