POST UTME LEAD CITY UNIVERSITY 2020 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company has the following ledger accounts:
Debtors: ₦50,000;
Creditors: ₦30,000;
Capital: ₦100,000;
Profit: ₦20,000.
Determine the total amount of assets, liabilities, and equity of the company.
Question 2
A company issued 5,000 10% debentures of ₦100 each at a premium of ₦10. Calculate the total amount received from the issue of debentures.
Question 3
A company uses the straight-line method of depreciation for its assets. If the asset's cost is ₦120,000 and its residual value is ₦20,000, what is the annual depreciation charge?
Question 4
The following is an extract from the trial balance of XYZ Ltd. at 31st December 2022.
Question 5
A company's balance sheet at 31st December 2022 is as follows:
Share Capital: ₦200,000
Reserves: ₦150,000
Debtors: ₦120,000
Cash at Bank: ₦150,000
What is the company's total equity?
Question 6
A company has the following trial balance:
Debtors: ₦50,000;
Creditors: ₦30,000;
Capital: ₦100,000;
Profit: ₦20,000.
Determine the total amount of assets, liabilities, and equity of the company.
Question 7
A company's public sector accounting records show a revenue of ₦1,200,000 and an expenditure of ₦900,000. Calculate the company's net cash inflow from operating activities.
Question 8
A company's bank reconciliation statement shows the following: Bank Balance ₦150,000, Outstanding Checks ₦20,000, and Deposits in Transit ₦30,000. What is the company's adjusted bank balance?
Question 9
A company's departmental account for the year ended 31st December 2022 is as follows:
Selling Department: ₦100,000
Administrative Department: ₦80,000
What is the company's total departmental expenses?
Question 10
A company's manufacturing account for the year ended 31st December 2022 is as follows:
Direct Materials: ₦150,000
Direct Labour: ₦100,000
Prime Cost: ₦250,000
Overheads: ₦50,000
What is the company's total cost of production?
Question 11
A company's profit for the year ended 31st December 2020 was ₦1,200,000. Its capital consisted of ₦500,000 in 10% preference shares and ₦700,000 in ordinary shares. The company paid a dividend of 10% on the preference shares. Calculate the dividend paid on the ordinary shares.
Question 12
The following is an extract from the trial balance of XYZ Ltd. at 31st December 2022.
Question 13
A business uses the double-entry system of accounting. The company's ledger shows a debit of ₦80,000 to the asset account 'Machinery' and a credit of ₦80,000 to the expense account 'Depreciation'. What is the effect of this transaction on the company's net income?
Question 14
A business uses the nature and principles of accounting. The company's accounting records show a revenue of ₦1,500,000 and an expense of ₦900,000. Calculate the company's net income.
Question 15
A company has the following ledger accounts:
Debtors: ₦50,000;
Creditors: ₦30,000;
Capital: ₦100,000;
Profit: ₦20,000.
Determine the total amount of assets, liabilities, and equity of the company.
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.
Unlock Full Access
Available for Android & Windows