POST UTME RSU 2023 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company issues 5,000 10% preference shares of ₦10 each at a premium of 20%. Calculate the amount of premium on the shares.
Question 2
A company produces two products, X and Y. The selling price of X is ₦500 per unit, and the selling price of Y is ₦600 per unit. The company sells 200 units of X and 300 units of Y. If the total revenue from the sale of these products is ₦420,000, what is the total cost of goods sold?
Question 3
A company has the following transactions:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Cash | 1000 | |
| 2 Jan | Bank | | 500 |
| 3 Jan | Cash | 200 | |
| 4 Jan | Bank | | 300 |
What is the balance in the bank account at the end of the month?
Question 4
A partnership has the following capital accounts:
| Partner | Capital | Drawing |
| --- | --- | --- |
| A | 1000 | 200 |
| B | 800 | 300 |
| C | 600 | 400 |
What is the total capital of the partnership?
Question 5
A company's trial balance shows the following balances: Accounts Payable ₦80,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000. What is the company's net income?
Question 6
A company has the following trial balance:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | 1000 | |
| Bank | | 500 |
| Accounts Payable | 200 | |
| Sales Revenue | | 300 |
What is the balance in the accounts payable account?
Question 7
A company uses the perpetual inventory system to account for its inventory. The company's beginning inventory was ₦50,000, and its purchases during the year were ₦150,000. If the company's ending inventory is ₦80,000, what is the company's cost of goods sold?
Question 8
A company has two partners, A and B, who share profits and losses in the ratio 3:2. If the company makes a profit of ₦150,000, how much will A receive?
Question 9
A manufacturing company has the following production costs:
| Cost | Quantity |
| --- | --- |
| Direct Materials | ₦10,000 | 100 units |
| Direct Labor | ₦8,000 | 80 hours |
| Factory Overhead | ₦12,000 | 120 hours |
What is the total production cost per unit?
Question 10
A company has the following bank reconciliation statement:
| Date | Debit | Credit |
| --- | --- | --- |
| 1 Jan | 1000 | |
| 2 Jan | | 500 |
| 3 Jan | 200 | |
| 4 Jan | | 300 |
What is the balance in the bank account at the end of the month?
Question 11
A company has the following trial balance:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | ₦10,000 | ₦0 |
| Accounts Payable | ₦0 | ₦15,000 |
| Sales Revenue | ₦0 | ₦20,000 |
| Cost of Goods Sold | ₦8,000 | ₦0 |
| Total | ₦18,000 | ₦35,000 |
What is the correct journal entry to record the sale of goods on credit to a customer for ₦12,000?
Question 12
A company has the following trial balance:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | 1000 | |
| Bank | | 500 |
| Accounts Payable | 200 | |
| Sales Revenue | | 300 |
What is the balance in the accounts payable account?
Question 13
A company's trial balance shows a debit balance of ₦20,000 in the account 'Salaries Expense' and a credit balance of ₦15,000 in the account 'Salaries Payable'. What is the correct journal entry to rectify this discrepancy?
Question 14
A company has the following transactions:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Cash | 1000 | |
| 2 Jan | Bank | | 500 |
| 3 Jan | Cash | 200 | |
| 4 Jan | Bank | | 300 |
What is the balance in the cash account at the end of the month?
Question 15
A company issues 10,000 9% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at par after 5 years. Calculate the amount of discount on the debentures.
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