POST UTME REDEEMERS UNIVERSITY 2019 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a total of ₦150,000, what is the amount received from the issue of shares?
Question 2
A company's trial balance as at 31 Dec is as follows:
| Account | Debit | Credit |
| --- | --- | --- |
| Sales | | 100,000 |
| Purchases | 80,000 | |
| Wages | 20,000 | |
| Rent | | 10,000 |
| Dividend | | 5,000 |
| Capital | | 150,000 |
| Profit | | |
Calculate the profit for the year.
Question 3
A company's bank statement shows a balance of ₦50,000, but the company's cash book shows a balance of ₦60,000. What is the correct bank reconciliation?
Question 4
A partnership is formed by three individuals, A, B, and C, who contribute ₦100,000, ₦150,000, and ₦200,000 respectively. The partnership agreement states that the profits will be shared in the ratio 2:3:4. If the partnership earns a profit of ₦500,000, what is the share of each partner?
Question 5
A company issued 10,000, 10% debentures of ₦100 each at a premium of 10%. Calculate the amount received from debenture holders.
Question 6
A company's balance sheet as at 31st December 2022 is as follows:
Assets: ₦200,000, Liabilities: ₦150,000, Equity: ₦50,000. What is the ratio of equity to liabilities?
Question 7
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. What is the total amount received from the issue of shares?
Question 8
A company has a manufacturing department that produces 10,000 units of a product. The cost of production is ₦50 per unit. Calculate the total cost of production.
Question 9
A company manufactures two products, X and Y. Product X requires 2 hours of direct labor and 3 hours of indirect labor, while product Y requires 3 hours of direct labor and 2 hours of indirect labor. If the company works 8 hours a day and produces 100 units of product X and 50 units of product Y, what is the total labor cost for the day?
Question 10
A business has the following transactions: Purchased office supplies for ₦10,000, paid ₦5,000 cash, and purchased office equipment for ₦20,000. What is the total amount of office supplies purchased?
Question 11
A company has a departmental account for a manufacturing department that has a balance of ₦100,000. The company also has a departmental account for a sales department that has a balance of ₦200,000. Calculate the total balance of the two departments.
Question 12
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Cash | 1,000 | |
| 2 Jan | Cash | | 500 |
| 3 Jan | Cash | | 1,000 |
Calculate the cash balance on 3 Jan.
Question 13
A company's trial balance shows the following balances: Machinery ₦50,000, Depreciation Expense ₦10,000. What is the net book value of the machinery?
Question 14
A company has two departments: Manufacturing and Sales. The Manufacturing department has a cost of goods sold of ₦500,000 and a direct labor cost of ₦200,000. The Sales department has a cost of goods sold of ₦300,000 and a direct labor cost of ₦150,000. What is the total cost of goods sold for the company?
Question 15
A company's assets are valued at ₦10,000,000. If the company uses the straight-line method of depreciation, and the asset's useful life is 5 years, what is the annual depreciation charge?
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