POST UTME OAU 2020 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company uses a self-balancing ledger system. The ledger shows the following balances: Debtors ₦100,000, Creditors ₦50,000, Capital ₦200,000. What is the total value of the company's assets?
Question 2
A company purchased a machine for ₦1,500,000. It was sold after 5 years for ₦1,200,000. Calculate the annual depreciation of the machine.
Question 3
A company's balance sheet as at 31st December 2020 showed a current asset of ₦2,500,000 and a non-current asset of ₦3,000,000. The company's current liability was ₦1,000,000 and its non-current liability was ₦2,000,000. What is the company's net worth as at 31st December 2020?
Question 4
A manufacturing company uses the weighted average method to assign overhead costs to jobs. The company has the following data for the current period: Total overhead costs = ₦1,200,000, Total direct labor hours = 10,000, and the overhead rate is ₦120 per direct labor hour. What is the total overhead cost assigned to Job X, which required 500 direct labor hours?
Question 5
A company's balance sheet shows the following information:
| Assets | ₦0,000 |
| Liabilities | ₥0,000 |
| Capital | ₡0,000 |
What is the company's net worth?
Question 6
A company's trading account for the year ended 31st December 2020 showed a profit of ₦1,500,000. The company's balance sheet as at 31st December 2020 showed a current asset of ₦2,500,000 and a non-current asset of ₦3,000,000. The company's current liability was ₦1,000,000 and its non-current liability was ₦2,000,000. What is the company's net worth as at 31st December 2020?
Question 7
A company's balance sheet as at 31st December 20X7 is as follows:
Assets:
₦ 100,000 (Cash)
₦ 150,000 (Debtors)
₦ 50,000 (Stock)
Liabilities:
₦ 80,000 (Creditors)
Calculate the company's net worth.
Question 8
A company issued 10,000 shares of ₦10 each at a premium of ₦5. Calculate the total amount received from the issue of these shares.
Question 9
A company has a company account for the issue of shares. The company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
Question 10
A company's balance sheet as at December 31, 2022, shows the following: Share capital = ₦5,000,000, Retained earnings = ₦3,000,000, and Total liabilities = ₦2,500,000. What is the company's total equity?
Question 11
A company has a public sector account for the provision of a service. The revenue from the service is ₦1,500,000 and the expenditure on the service is ₦1,200,000. Calculate the surplus or deficit.
Question 12
A company issued 10,000 shares of ₦ 1 each at a premium of ₦0.50 per share. Calculate the total amount received from the issue of shares.
Question 13
In a partnership account, the capital of one partner is increased by ₦50,000 and the capital of another partner is decreased by ₦30,000. If the original capital of the first partner was ₦120,000 and the original capital of the second partner was ₦80,000, what is the new total capital of the partnership?
Question 14
A company's profit and loss account for the year ended December 31, 2022, shows the following: Sales = ₦15,000,000, Cost of goods sold = ₦10,000,000, Operating expenses = ₦2,000,000, and Net income = ₦1,500,000. What is the company's gross profit?
Question 15
A company issued 10,000 ordinary shares of ₦10 each at a premium of ₦5 per share. The company also issued 5,000 debentures of ₦100 each. What is the total amount received from the issue of shares and debentures?
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