POST UTME NOUN 2024 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A government agency received a grant of ₦1,000,000 to implement a project. The agency incurred the following expenses: salaries ₦300,000, travel ₦200,000, and equipment ₦500,000. Calculate the amount of the grant remaining after the expenses.
Question 2
A company purchased a machine for ₦500,000. The machine has a useful life of 5 years and a residual value of ₦50,000. Calculate the annual depreciation using the straight-line method.
Question 3
A company's trading account for the year ended 31st December 2023 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 4
A company's ledger showed the following balances: Purchases: ₦150,000; Sales: ₦250,000; Returns Outwards: ₦20,000. Prepare the company's statement of profit or loss for the year.
Question 5
A company uses the straight-line method of depreciation. If the asset cost 10,000 and has a useful life of 5 years, what is the annual depreciation?
Question 6
A company issued 10,000, 7% debentures of ₦100 each at a discount of 5%. Calculate the total amount received from the issue of these debentures.
Question 7
A company issued 5,000 shares of ₦10 each at a premium of ₦5 per share. If the company received a total of ₦250,000, what is the amount received from the issue of shares?
Question 8
A company issued 5,000, 10% preference shares of ₦10 each at a premium of ₦2. Calculate the total amount received from the issue of these shares.
Question 9
A company's profit and loss account for the year ended 31st December 2023 is as follows: Sales: ₦1,800,000; Purchases: ₦1,200,000; Returns Outwards: ₦30,000; Returns Inwards: ₦10,000. Calculate the gross profit for the year.
Question 10
A company's cash book shows the following transactions: cash received from customers ₦100,000, cash paid to suppliers ₦50,000, and cash paid to employees ₦30,000. Calculate the net increase in cash.
Question 11
A company issued 10,000 debentures of ₦1,000 each at a discount of 5%. Calculate the total amount received from the issue of debentures.
Question 12
A company uses the control account system to record its financial transactions. The company has the following transactions: Debit Cash ₦25,000, Credit Accounts Payable ₦25,000. What is the effect of this transaction on the company's financial position?
Question 13
In a partnership account, the capital of a partner is increased by an amount of ₦120,000. If the original capital of the partner was ₦500,000, what is the new capital of the partner?
Question 14
The following is a partial extract from the balance sheet of XYZ Ltd. as at 31st December 2023: Fixed Assets ₦1,500,000; Current Assets ₦800,000; Current Liabilities ₦500,000. Calculate the net worth of the company.
Question 15
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company received a total of ₦1,500,000, what is the amount received from the issue of shares?
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