POST UTME RHEMA UNIVERSITY 2020 Accounting | Objective
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Question 1
A company uses the following formula to calculate its manufacturing overheads: Manufacturing Overheads = (Direct Labour Hours x Factory Wage Rate) + (Machine Hours x Machine Rate). If the company's direct labour hours are 1000, factory wage rate is ₦120 per hour, machine hours are 800, and machine rate is ₦80 per hour, calculate the manufacturing overheads.
Question 2
A company uses the double entry system to record its transactions. The company's trial balance shows the following balances: Depreciation Expense ₦50,000, Accumulated Depreciation ₦20,000, and Common Stock ₦200,000. What is the company's net income?
Question 3
The following are the Balance Sheet of DEF Ltd. as at 31st December 2020. Prepare the Balance Sheet as at 31st December 2020.
Question 4
A company uses the single-entry system of accounting. The following transactions occur:
Purchases office equipment for ₦150,000 cash.
Pays ₦20,000 to a supplier for goods received in the previous month.
Pays ₦30,000 to an employee as salary.
What is the total amount of assets acquired by the company?
Question 5
A company's trial balance shows a credit balance of ₦10,000 in the 'Rent Paid' account. Prepare the necessary journal entry to correct this error.
Question 6
A company uses a process costing system. The following data are available for the month: Beginning Work-in-Process Inventory: ₦50,000; Direct Materials: ₦120,000; Direct Labor: ₦80,000; Overhead: ₦60,000. What is the total cost of goods manufactured for the month?
Question 7
A company's balance sheet showed a total assets of ₡0,000,000 and total liabilities of ₥,000,000. Calculate the company's net worth.
Question 8
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 200 units of product X and 150 units of product Y, what is the total labor cost for the day?
Question 9
A partnership has the following capital accounts:
Partners A and B each contribute ₦50,000 to the partnership.
Partners C and D each contribute ₦30,000 to the partnership.
The partnership has a profit of ₦20,000.
What is the total amount of profit to be distributed to the partners?
Question 10
A government agency's accounting records show the following transactions for the month of January:
Question 11
A company uses the following formula to calculate its manufacturing overheads: Manufacturing Overheads = (Direct Labour Hours x Factory Wage Rate) + (Machine Hours x Machine Rate). If the company's direct labour hours are 1000, factory wage rate is ₦120 per hour, machine hours are 800, and machine rate is ₦80 per hour, calculate the manufacturing overheads.
Question 12
The following trial balance of XYZ Ltd. was prepared at 31st December 2020. Prepare the Balance Sheet as at 31st December 2020.
Question 13
A government agency's accounting records show the following transactions for the month of January:
Question 14
A company's balance sheet as at 31st December 2020 is as follows: Assets: ₦2,500,000; Liabilities: ₦1,500,000; Capital: ₦1,000,000. Calculate the ratio of capital to liabilities.
Question 15
A company's trading account for the year ended 31st December 2020 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.
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