POST UTME KSU 2021 Accounting | Objective
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Question 1
A company has a cash book balance of ₦20,000. The bank statement shows a balance of ₦25,000. The company has an outstanding cheque of ₦2,000 and the bank charges a service fee of ₦300. Calculate the correct balance in the cash book.
Question 2
A company uses the perpetual inventory system. On January 1, 2022, it had 1,000 units of inventory with a cost of ₦50 per unit. During the year, 500 units were sold at ₦100 per unit. On December 31, 2022, 200 units of inventory were on hand. What is the total cost of goods sold for the year?
Question 3
A company's balance sheet as of December 31, 2022, is as follows:
Assets:
Cash: ₦50,000
Accounts Receivable: ₦20,000
Inventory: ₦30,000
Total Assets: ₦100,000
Liabilities:
Accounts Payable: ₦15,000
Long-term Debt: ₦25,000
Total Liabilities: ₦40,000
What is the company's net worth?
Question 4
A company uses the accrual method of accounting. On December 31, 2022, it had the following accounts:
Accounts Receivable: ₦20,000
Accounts Payable: ₦15,000
Salaries Payable: ₦5,000
What is the company's net working capital?
Question 5
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, what is the annual depreciation expense if the asset's cost is ₦120,000?
Question 6
A partnership has two partners, A and B. The partnership's capital account balance as at 31st December, 2020, is ₦1,000,000. Partner A's capital account balance is ₦0,500,000, and Partner B's capital account balance is ₥0,500,000. What is the ratio of Partner A's capital to Partner B's capital?
Question 7
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 | Cash | 1,000 | |
| 2 | Cash | 500 | |
| 3 | Cash | | 1,500 |
| 4 | Cash | | 2,000 |
What is the balance of the cash account?
Question 8
A company's trial balance shows an error of ¦2,000 in the debit side of the accounts payable account. The correct balance is ¦3,000. What is the correct balance of the accounts receivable account?
Question 9
The following is a trial balance of a company. Prepare the balance sheet as at 31st December 2020.
Question 10
The following is a trial balance of a company. Prepare the balance sheet as at 31st December 2020.
Question 11
A partnership has two partners, A and B. The capital accounts of A and B are ¦10,000 and ¦15,000 respectively. The profit-sharing ratio is 3:2. What is the share of profit of partner A?
Question 12
A company uses the self-balancing ledger system of accounting. The company's ledger account for the year ended 31st December, 2020, shows the following balances: Sales ₦1,000,000, Cost of Goods Sold ₦0,500,000, and Net Income ₥0,500,000. What is the company's gross profit for the year ended 31st December, 2020?
Question 13
A company's balance sheet as of December 31, 2022, is as follows:
Assets:
Cash: ₦50,000
Accounts Receivable: ₦20,000
Inventory: ₦30,000
Total Assets: ₦100,000
Liabilities:
Accounts Payable: ₦15,000
Long-term Debt: ₦25,000
Total Liabilities: ₦40,000
What is the company's current ratio?
Question 14
A company's cash book shows a balance of ¦5,000. The bank reconciliation statement shows a difference of ¦1,000. What is the correct balance of the cash book?
Question 15
A company uses the single-entry system of accounting. The company's trial balance as at 31st December, 2020, shows the following balances: Cash ₦1,500,000, Accounts Payable ₦0,000,000, Common Stock ₦1,000,000, and Retained Earnings ₦0,500,000. What is the company's total assets as at 31st December, 2020?
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