POST UTME IMS U 2022 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's trading account shows a profit of ₦500,000. The company's profit and loss account shows a net profit of ₦700,000. What is the company's net worth?
Question 2
A company's trial balance shows the following balances: Accounts Payable ₦120,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Common Stock ₦200,000. What is the company's net income?
Question 3
A company has the following trial balance: Sales Revenue ₦100,000, Cost of Goods Sold ₦80,000, and Net Income ₦20,000. What is the ratio of cost of goods sold to net income?
Question 4
A company has a trial balance that includes the following accounts: Sales Revenue, Cost of Goods Sold, and Net Income. The trial balance shows a debit balance of ₦120,000 for Sales Revenue and a credit balance of ₦80,000 for Cost of Goods Sold. What is the net income of the company?
Question 5
A company's balance sheet shows the following: Cash ₦50,000, Accounts Receivable ₦75,000, Inventory ₦150,000, and Total Assets ₦375,000. What is the company's Total Liabilities?
Question 6
A company has a cash book balance of ₦50,000. The bank statement balance is ₦60,000. The difference is due to an outstanding cheque of ₦5,000 and a deposit in transit of ₦5,000. Calculate the bank reconciliation statement.
Question 7
A company issued 5,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The company also issued 2,000 ₦ 100 debentures at 5% interest. Calculate the total amount received from the issue of shares and debentures.
Question 8
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and the residual value is ₦0, what is the annual depreciation charge if the asset's cost is ₦120,000?
Question 9
A company has the following balance sheet: Assets ₦100,000, Liabilities ₦50,000, and Equity ₦50,000. What is the ratio of liabilities to equity?
Question 10
A company has the following transactions: Purchased office supplies for ₦10,000, Paid rent for ₦20,000, and Sold goods for ₦30,000. What is the total amount of cash outflows for the company?
Question 11
A company has a trial balance that includes the following accounts: Sales (₦100,000), Purchases (₦80,000), and Cost of Goods Sold (₦60,000). Calculate the gross profit.
Question 12
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦120,000, and Common Stock ₦100,000. What is the total amount of assets?
Question 13
A company has the following transactions: Purchased ₦ 10,000 worth of goods on credit. Sold ₦ 8,000 worth of goods for cash. Paid ₦ 2,000 to a creditor. Calculate the net effect on the company's cash balance.
Question 14
A partnership has the following capital balances: Partner A ₦100,000, Partner B ₦120,000, and Partner C ₦80,000. If the net income is ₦20,000, what is Partner A's share of net income?
Question 15
A partnership has two partners, A and B. The capital accounts of A and B are ₦ 50,000 and ₦ 30,000 respectively. The profit-sharing ratio is 3:2. Calculate the profit to be shared by A and B.
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