POST UTME REDEEMERS UNIVERSITY 2025 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The company also issued 5,000 ₦ 100 debentures at 5% interest. Calculate the total amount received from the issue of shares and debentures.
Question 2
A public sector organization has a capital project with a total cost of ₦500 million. The project is expected to last for 5 years. If the organization uses the straight-line method of depreciation, what is the annual depreciation charge?
Question 3
A company issued 5,000 shares of ₦10 each at a premium of ₦0.50 per share. Calculate the total amount received from the issue of shares.
Question 4
A manufacturing company produces two products, A and B. The following data were collected for the month of January:
Question 5
A partnership has two partners: John and Mary. John has a capital of ₦200,000 and Mary has a capital of ₦300,000. What is the ratio of John's capital to Mary's capital?
Question 6
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The company also issued 5,000 ₦ 100 debentures at 5% interest. Calculate the total amount received from the issue of shares and debentures.
Question 7
A company has the following transactions: Purchased office supplies for ₦20,000, Purchased equipment for ₦100,000, and Sold goods for ₦500,000. Prepare a journal entry to record the transactions.
Question 8
A manufacturing company uses the weighted average method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The raw materials inventory has a cost of ₦150,000 and a quantity of 500 units. The work-in-progress inventory has a cost of ₦300,000 and a quantity of 200 units. The finished goods inventory has a cost of ₦400,000 and a quantity of 300 units. Calculate the total value of the inventory.
Question 9
A company has a trial balance that includes the following accounts: Sales, Cost of Goods Sold, and Net Income. The trial balance shows a debit balance of ₦100,000 for Sales and a credit balance of ₦120,000 for Cost of Goods Sold. What is the net income of the company?
Question 10
A company's balance sheet as at December 31, 2024, is as follows:
Assets ₦200,000, Liabilities ₦100,000, Equity ₦100,000.
If the company issues 10,000 shares of ₦10 each at a premium of ₦5 per share, what is the new equity?
Question 11
A company's ledger showed the following balances:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | 5,000 | |
| Accounts Payable | | 10,000 |
| Share Capital | | 20,000 |
What is the total amount of the company's assets?
Question 12
A company has two departments: A and B. Department A has a profit of ₦120,000 and Department B has a loss of ₦80,000. What is the overall profit or loss of the company?
Question 13
A company's trial balance shows the following balances:
| Account | Debit | Credit |
| --- | --- | --- |
| Sales | 10,000 | |
| Purchases | | 8,000 |
| Wages | 2,000 | |
| Rent | | 1,000 |
What is the total amount of assets?
Question 14
A company's manufacturing account shows the following information:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Raw Materials | 10,000 | |
| 2 Jan | Labour | | 5,000 |
| 3 Jan | Factory Overheads | | 3,000 |
What is the total cost of production?
Question 15
A company's trial balance showed an error of 1,000 in the accounts payable account. The correct balance should have been 20,000. What is the effect of this error on the company's net income?
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