POST UTME OAU 2024 Accounting | Objective
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Question 1
A company uses the perpetual inventory system. On January 1, it had 100 units of inventory with a cost of ₦100 each. On January 15, it purchased 50 units at ₦120 each. On January 20, it sold 30 units at ₦150 each. What is the total cost of goods sold for the period?
Question 2
A partnership has two partners, A and B. The partnership agreement states that A receives 60% of the profits and B receives 40%. If the partnership makes a profit of ₦120,000, how much will A receive?
Question 3
A company's financial statements for the year ended December 31, 2023, show the following: Total assets = ₦500,000, Total liabilities = ₦200,000, and Total equity = ₦300,000. What is the company's return on equity (ROE) for the year?
Question 4
In a partnership account, the capital of one partner is increased by ₦50,000, while the capital of another partner is decreased by ₦30,000. The total capital of the partnership remains unchanged. What is the new total capital of the partnership?
Question 5
In a public sector organization, the accounting system is designed to provide information for decision-making purposes. Which of the following is a characteristic of a public sector accounting system?
Question 6
A public sector entity has the following transactions: ¦ 10,000 cash received from customers, ¦ 5,000 cash paid to suppliers, and ¦ 3,000 cash paid to employees. What is the correct journal entry to record these transactions?
Question 7
A company has the following ledger accounts:
Question 8
A company uses the single-entry system of accounting. The following transactions were recorded during the year:
Question 9
A company's trading account shows a profit of ₦200,000. The company's profit and loss account shows a net profit of ₦150,000. What is the amount of the company's dividend?
Question 10
A company uses the FIFO method of inventory valuation. On January 1, it had 100 units of inventory with a cost of ₦100 each. On January 15, it purchased 50 units at ₦120 each. On January 20, it sold 30 units at ₦150 each. What is the cost of the units sold?
Question 11
A company's cash book shows the following:
Cash: ₦150,000
Bank: ₦200,000
What is the company's total cash?
Question 12
A partnership has two partners, A and B. The capital accounts of A and B at the beginning of the year are ₦500,000 and ₦300,000, respectively. During the year, A withdraws ₦100,000 and B withdraws ₦50,000. The profit for the year is ₦150,000. Prepare the partnership's statement of changes in equity.
Question 13
A company has the following balance sheet as at December 31, 2023:
Assets:
₦1,500,000 (current assets)
₦800,000 (non-current assets)
Liabilities:
₦600,000 (current liabilities)
₦400,000 (non-current liabilities)
Equity:
₦500,000 (share capital)
₦200,000 (retained earnings)
Calculate the current ratio.
Question 14
A company uses the double-entry system of accounting. The company's trial balance shows the following balances: Cash ¦ 5,000, Accounts Payable ¦ 8,000, Common Stock ¦ 20,000, and Retained Earnings ¦ 15,000. If the company's net income for the year is ¦ 12,000, what is the correct journal entry to record the net income?
Question 15
A company uses the LIFO method of inventory valuation. On January 1, it had 100 units of inventory with a cost of ₦100 each. On January 15, it purchased 50 units at ₦120 each. On January 20, it sold 30 units at ₦150 each. What is the cost of the units sold?
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