POST UTME LEAD CITY UNIVERSITY 2024 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company has the following transactions in its bank reconciliation statement:
Question 2
A company has a self-balancing ledger with the following accounts: Cash, Bank, Accounts Payable, and Common Stock. If the Cash account has a debit balance of ₦50,000 and the Bank account has a credit balance of ₦30,000, what is the net effect on the ledger?
Question 3
A manufacturing company produces two products, X and Y. Product X requires 2 hours of direct labour and 1 hour of indirect labour, while product Y requires 1 hour of direct labour and 2 hours of indirect labour. If the company works 160 hours of direct labour and 240 hours of indirect labour, how many units of product X and product Y should the company produce?
Question 4
A company has the following transactions: purchase of goods (₦500,000), sale of goods (₦700,000), and purchase of equipment (₦300,000). What is the net profit of the company?
Question 5
A government agency has the following transactions: Revenue ₦500,000, Expenditure ₦400,000, and a transfer of ₦100,000 to a special fund. What is the agency's net surplus?
Question 6
A company uses the single-entry system. The following transactions were recorded: Cash received from customers ₦1,000,000, Cash paid to suppliers ₦800,000, and Cash paid to employees ₦600,000. What is the net cash inflow for the period?
Question 7
A company uses the double-declining balance method of depreciation for its assets. If the asset's cost is ₦100,000 and its useful life is 5 years, what is the annual depreciation expense?
Question 8
A partnership is dissolved when a partner withdraws from the business. What is the accounting treatment for the withdrawing partner's share of the profits?
Question 9
A company has the following balance sheet: assets (₦1,000,000), liabilities (₦500,000), and equity (₦500,000). What is the ratio of the equity to the total assets?
Question 10
In a public sector accounting system, what is the primary purpose of the 'Chart of Accounts'?
Question 11
A company has a cash book balance of ₦250,000 and a bank statement balance of ₦300,000. The bank statement shows a credit balance of ₦20,000 for an outstanding cheque. The cash book shows a debit balance of ₦10,000 for an uncleared cheque. What is the correct balance of the company's cash account?
Question 12
A public sector organization has a cash book balance of ₦1,500,000 and a bank statement balance of ₦1,800,000. The bank statement includes a credit of ₦200,000 for a loan received from the government. The cash book, however, shows a debit of ₦150,000 for a loan repaid to the government. What is the correct balance of the cash book after reconciliation?
Question 13
A public sector organization has a budget of ₦1,500,000 for the year. The organization has the following expenses: salaries (₦800,000), rent (₦200,000), utilities (₦150,000), and miscellaneous (₦100,000). What is the percentage of the budget spent on salaries?
Question 14
A manufacturing company has the following data: direct materials used ₦1,000,000, direct labor cost ₦800,000, and overheads ₦600,000. What is the total cost of production?
Question 15
A company's trial balance shows an error of ₦5,000 in the accounts payable account. The correct amount is ₦15,000. What is the correct amount of accounts payable on the balance sheet?
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