POST UTME IMS U 2019 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's bank statement shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Bank | 1,000 | |
| 2nd Jan | Cash | | 500 |
| 3rd Jan | Bank | | 800 |
| 4th Jan | Cash | | 300 |
What is the balance of the bank statement?
Question 2
A company uses a control account system. The company has the following accounts: Cash, Accounts Receivable, and Accounts Payable. The company's trial balance at the end of the year shows the following balances: Cash ₦50,000, Accounts Receivable ₦20,000, and Accounts Payable ₦10,000. What is the total amount of assets on the balance sheet?
Question 3
A government agency uses a fund accounting system. The agency has two funds: General Fund and Special Revenue Fund. The General Fund has the following accounts: Cash, Accounts Receivable, and Accounts Payable. The Special Revenue Fund has the following accounts: Cash, Accounts Receivable, and Capital Outlay. The agency's trial balance at the end of the year shows the following balances: General Fund Cash ₦50,000, General Fund Accounts Receivable ₦20,000, General Fund Accounts Payable ₦10,000, Special Revenue Fund Cash ₦30,000, Special Revenue Fund Accounts Receivable ₦15,000, and Special Revenue Fund Capital Outlay ₦25,000. What is the total amount of assets on the balance sheet?
Question 4
A company's balance sheet as at 31st December, 2022, showed the following balances: ₦150,000, ₦50,000, ₦100,000. What is the company's capital?
Question 5
A manufacturing company uses a job costing system. The company has two departments: Cutting and Assembly. The Cutting department incurred costs of ₦120,000 for direct materials and ₦80,000 for direct labor. The Assembly department incurred costs of ₦150,000 for direct materials and ₦100,000 for direct labor. The company's total overhead cost for the period is ₦200,000. What is the total cost of production for Job No. 123?
Question 6
A company has the following manufacturing costs:
| Cost | Amount |
| --- | --- |
| Direct Materials | ₦100,000 |
| Direct Labor | ₦150,000 |
| Overhead | ₦200,000 |
What is the total manufacturing cost?
Question 7
A partnership is formed between two individuals, Olamide and Tobiloba, with a capital contribution of ₦500,000 and ₦300,000 respectively. If the profit-sharing ratio is 3:2, what is the total profit earned by Olamide and Tobiloba respectively?
Question 8
A company uses a self-balancing ledger system. The ledger has the following accounts: Cash, Accounts Receivable, Accounts Payable, and Common Stock. The company's trial balance at the end of the year shows the following balances: Cash ₦50,000, Accounts Receivable ₦20,000, Accounts Payable ₦10,000, and Common Stock ₦100,000. What is the total amount of assets on the balance sheet?
Question 9
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 ₦150,000, how much will A receive?
Question 10
A government agency is required to prepare a cash flow statement. Which of the following items is NOT a cash inflow?
Question 11
A company uses the single-entry system of accounting. The company's journal entries for the year are as follows:
Debit
Cash: ₦100,000
Accounts Payable: ₦50,000
Salaries Payable: ₦20,000
Equipment: ₦150,000
Accumulated Depreciation: ₦30,000
Credit
Accounts Receivable: ₦80,000
Sales: ₦200,000
Salaries Expense: ₦40,000
Rent Expense: ₦30,000
If the company's net income for the year is ₦120,000, what is the total amount of depreciation expense for the year?
Question 12
A company prepares a bank reconciliation statement. If the bank statement balance is ₦10,000 and the company's cash book balance is ₦12,000, what is the reason for the difference?
Question 13
A company's profit and loss account as at 31st December, 2022, showed the following balances: ₦150,000, ₦50,000, ₦100,000. What is the company's profit?
Question 14
A company's cash book showed a credit balance of ₦150,000. However, the bank statement showed a debit balance of ₦50,000. What is the correct balance of the company's bank account?
Question 15
A partnership is formed between two individuals, John and Mary, who contribute ₦100,000 and ₦150,000 respectively. The partnership agreement states that John and Mary will share profits and losses in the ratio 3:2. During the year, the partnership incurs a loss of ₦20,000. What is John's share of the loss?
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