POST UTME IMS U 2018 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A bank reconciliation statement shows a difference of ₦1,500 between the bank statement balance and the cash book balance. The bank statement balance includes a debit of ₦2,000 for a dishonored cheque. What is the correct adjustment to the cash book balance?
Question 2
A company prepares its final accounts for the year ended 31st December 2022. The company's trading account shows a profit of ₦50,000. The company's profit and loss account shows a net profit of ₦60,000. What is the company's net worth at the end of the year?
Question 3
A company has the following trial balance: Debitors ₦50,000, Creditors ₦20,000, Capital ₦30,000, and Profit and Loss Account ₦10,000. What is the total amount of the company's assets?
Question 4
A company has the following transactions: Purchased office supplies for ₦10,000, Paid salaries of ₦20,000, and Collected cash from customers of ₦30,000. What is the total amount of cash received from customers?
Question 5
A company has the following transactions: Purchased goods for ₦40,000 on credit, sold goods for ₦60,000 on credit, and paid cash of ₦10,000 to a supplier. What is the net effect on the company's profit?
Question 6
A company prepares a trial balance but discovers that the debit and credit totals do not balance. The debit total is ₦200,000, while the credit total is ₦180,000. What is the cause of the discrepancy?
Question 7
A company maintains a cash book and a general ledger. The cash book shows a balance of ₦12,000, but the bank statement shows a balance of ₦15,000. What is the most likely reason for the discrepancy?
Question 8
A company uses the double-entry system and maintains a ledger. The ledger shows the following transactions: Debit: ₦120,000, Credit: ₦100,000. What is the effect of this transaction on the company's equity?
Question 9
A company's trial balance shows the following accounts: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, and Common Stock ₦100,000. What is the total amount of assets?
Question 10
A company has the following manufacturing costs: Direct Materials ₦50,000, Direct Labor ₦30,000, and Factory Overhead ₦20,000. What is the total amount of manufacturing costs?
Question 11
A company has the following transactions: Purchased office supplies for ₦10,000, Paid salaries of ₦20,000, and Collected cash from customers of ₦30,000. What is the total amount of cash paid to employees?
Question 12
A company has two departments: A and B. Department A has a profit of ₦100,000, and Department B has a loss of ₦50,000. What is the net profit of the company?
Question 13
A company uses the perpetual inventory system. On January 1, it had 100 units of a product in stock, valued at ₦10 each. During the year, 50 units were sold, and 20 units were purchased at ₦12 each. What is the total value of the inventory on December 31?
Question 14
A company uses a self-balancing ledger to record its transactions. The ledger shows the following balances: Debit Balance: ₦20,000, Credit Balance: ₦15,000. What is the net effect of the transactions on the company's equity?
Question 15
A company uses the weighted average method to value its inventory. The company has three types of inventory: A, B, and C. The cost of inventory A is ₦120,000, and it has a weightage of 30%. The cost of inventory B is ₦80,000, and it has a weightage of 40%. The cost of inventory C is ₦60,000, and it has a weightage of 30%. What is the total value of the inventory?
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