POST UTME JOSEPH AYO BABALOLA UNIVERSITY 2023 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company uses the perpetual inventory system. On January 1, 2022, it had 500 units of Product A in inventory, costing ₦120 each. During the year, 300 units were sold, and 200 units were purchased at ₦150 each. Calculate the cost of goods sold for the year.
Question 2
A company uses the perpetual inventory system. On January 1, 2022, it had 500 units of Product A in inventory, costing ₦120 each. During the year, 300 units were sold, and 200 units were purchased at ₦150 each. Calculate the cost of goods sold for the year.
Question 3
A company has the following ledger balances: Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦100,000, and Retained Earnings ₦30,000. What is the total equity of the company?
Question 4
A company uses the perpetual inventory system. On January 1, 2022, it had 500 units of Product A in inventory, costing ₦120 each. During the year, 300 units were sold, and 200 units were purchased at ₦150 each. Calculate the cost of goods sold for the year.
Question 5
A partnership has two partners, A and B. The capital contributions of A and B are ₦100,000 and ₦80,000 respectively. If the profit-sharing ratio is 3:2, calculate the profit to be shared by partner A.
Question 6
A company produces a product that requires 2 kg of raw material A and 3 kg of raw material B to produce 10 kg of the final product. If the cost of raw material A is ₦50 per kg and the cost of raw material B is ₦75 per kg, what is the cost of producing 50 kg of the final product?
Question 7
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and its residual value is ₦0, calculate the annual depreciation charge if the asset's cost is ₦120,000.
Question 8
A company uses the accrual method of accounting. If the company's accounts payable balance as of December 31, 2022, is ₦150,000 and the company's accounts payable balance as of December 31, 2021, is ₦100,000, what is the change in accounts payable for the year?
Question 9
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 10
A company has two departments: Manufacturing and Sales. The Manufacturing department has a balance of ₦150,000 in its control account, while the Sales department has a balance of ₦200,000. If the company's total assets are ₦1,500,000, what is the balance in the Sales department's control account after the company's financial statements are prepared?
Question 11
A company uses the self-balancing ledger system. The company's assets are ₦500,000, and its liabilities are ₦200,000. What is the company's net worth?
Question 12
A company has a manufacturing department that produces goods worth ₦500,000. The department's overheads are ₦150,000, and the department's direct expenses are ₦100,000. What is the department's contribution to profit?
Question 13
A company has the following balance sheet as at December 31, 2022: Assets ₦500,000, Liabilities ₦200,000, and Equity ₦300,000. What is the return on equity?
Question 14
A company has two departments: A and B. Department A has a sales revenue of ₦500,000 and a cost of goods sold of ₦300,000. Department B has a sales revenue of ₦750,000 and a cost of goods sold of ₦450,000. What is the total gross profit of the company?
Question 15
A company uses the perpetual inventory system. On January 1, 2022, it had 500 units of Product A in inventory, costing ₦120 each. During the year, 300 units were sold, and 200 units were purchased at ₦150 each. Calculate the cost of goods sold for the year.
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