POST UTME LEAD CITY UNIVERSITY 2023 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company issues 1,000 shares of ₦10 each at a premium of ₦2 per share. What is the total amount of cash received from the issue of shares?
Question 2
A company produces two products, X and Y, using two machines, A and B. Machine A produces 60 units of X and 40 units of Y per hour, while machine B produces 40 units of X and 60 units of Y per hour. If the company operates for 8 hours a day, what is the total number of units of X and Y produced per day?
Question 3
A company uses the cash book to record all its cash transactions. The cash book shows a balance of ₦150,000. However, the bank statement shows a balance of ₦120,000. The bank charges a service fee of ₦5,000 and the company has an outstanding cheque of ₦20,000. What is the correct balance in the cash book?
Question 4
A company uses the straight-line method of depreciation. The cost of a machine is ₦150,000 and its useful life is 5 years. If the machine is sold after 3 years, what is the amount of depreciation that should be recorded in the 3rd year?
Question 5
A company's balance sheet shows an asset of ₦100,000 that is recorded at its cost of ₦80,000. What is the amount of accumulated depreciation that should be recorded?
Question 6
A company uses the control account system to prepare its financial statements. The company has a cash account balance of ₦200,000 and a bank overdraft of ₦50,000. What is the total amount of assets?
Question 7
A company has a self-balancing ledger with a balance of ₦1,000,000. If the company purchases goods worth ₦500,000 and sells goods worth ₦700,000, what is the new balance of the self-balancing ledger?
Question 8
A company's balance sheet as at 31st December 2022 is as follows: Equity: ₦1,500,000; Liabilities: ₦1,200,000. Calculate the company's net worth.
Question 9
A partnership is formed between two individuals, A and B, with a capital of ₦500,000 each. After one year, the profit is shared in the ratio 3:2. If the total profit is ₦200,000, how much does A receive?
Question 10
A company's trial balance shows an error of ₦15,000 in the debit side of the accounts payable account. The error was caused by a clerk who forgot to record a payment of ₦15,000 made to a supplier. What is the correct journal entry to rectify this error?
Question 11
A company's trading account for the year ended 31st December 2022 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Returns Outwards: ₦50,000; Returns Inwards: ₦20,000. Calculate the gross profit for the year.
Question 12
A company's profit and loss account for the year ended 31st December 2022 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Returns Outwards: ₦50,000; Returns Inwards: ₦20,000. Calculate the company's net profit for the year.
Question 13
A partnership is dissolved when one partner withdraws from the partnership. What is the accounting treatment for the withdrawing partner's share of the partnership's assets and liabilities?
Question 14
A company's profit and loss account for the year ended 31st December 2022 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Returns Outwards: ₦50,000; Returns Inwards: ₦20,000. Calculate the company's net profit for the year.
Question 15
A company's profit and loss account for the year ended 31st December 2022 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Returns Outwards: ₦50,000; Returns Inwards: ₦20,000. Calculate the company's net profit for the year.
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