POST UTME SKYLINE UNIVERSITY 2018 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's balance sheet as at 31st December 2022 is as follows: Share Capital: ₦500,000; Retained Earnings: ₦200,000; Long-term Loans: ₦300,000. Calculate the total equity of the company.
Question 2
A company's balance sheet shows a current liability of ₦200,000. If the company's profit and loss account shows a net profit of ₦150,000, what is the amount available for dividend?
Question 3
A company's trading account for the year ended 31st December 2022 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.
Question 4
A company issues 10,000 shares of ₦1 each at a premium of ₦2 per share. If the company receives ₦20,000 cash from the issue, what is the amount credited to the share capital account?
Question 5
A company issues 5,000 debentures of ₦100 each at a premium of ₦5 per debenture. If the company receives ₦500,000 cash from the issue, what is the amount credited to the debenture account?
Question 6
A company uses the double-entry system to record its transactions. The following journal entry is made: Debit: Depreciation Expense 1,000, Credit: Accumulated Depreciation 1,000. What is the effect of this transaction on the accounting equation?
Question 7
A company has a trading account balance of ₦50,000 and a profit of ₦20,000. Calculate the total assets of the company.
Question 8
A company has the following bank reconciliation statement: Opening balance ₦50,000, Deposits ₦20,000, Withdrawals ₦10,000, Bank errors ₦5,000. What is the corrected bank balance?
Question 9
A company has the following bank reconciliation statement: Bank balance = ₦100,000; Cash in hand = ₦20,000; Outstanding checks = ₦30,000; Deposits in transit = ₦40,000. Calculate the adjusted bank balance.
Question 10
A company's balance sheet shows the following balances: Assets 100,000, Liabilities 50,000, Equity 50,000. What is the company's net income for the year?
Question 11
A company's balance sheet as at 31st December 2022 shows an increase in the value of its non-current assets by ₦1,200,000. If the company's total liabilities increased by ₦800,000, what is the increase in shareholders' equity?
Question 12
In a partnership account, the capital of each partner is usually recorded at the beginning of the year as a _______.
Question 13
A company purchases a machine for ₦120,000 and sells it after one year for ₦150,000. Calculate the profit made from the sale of the machine.
Question 14
A company uses the cash book to record its transactions. The cash book shows the following entries: Debit: Cash ₦10,000, Credit: Sales ₦15,000. What is the net effect on the cash balance?
Question 15
A company uses the single-entry system to record its transactions. The following entry is made: Debit: Cash 1,000, Credit: Accounts Payable 1,000. What is the effect of this transaction on the accounting equation?
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