POST UTME UI 2017 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company issued 5,000 debentures of ₦1,000 each at a premium of ₦50 per debenture. If the debentures were sold for ₦1,100 each, calculate the total amount received from the sale of debentures.
Question 2
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The issue expenses were ₦ 10,000. Calculate the amount received from the issue of shares.
Question 3
A partnership account shows a capital balance of ₦100,000. The partners' capital accounts are to be adjusted to reflect the following changes:
Question 4
A company uses the perpetual inventory system. On January 1, 2022, it had 500 units of a product on hand at a cost of ₦100 per unit. During the year, 300 units were sold, and 200 units were purchased at a cost of ₦120 per unit. What is the total cost of goods sold for the year?
Question 5
In a partnership, the capital of each partner is divided in the ratio of 3:5:7. If the total capital is ₦1,500,000, what is the amount of capital contributed by each partner?
Question 6
A manufacturing company produces two products, X and Y, using two machines, A and B. Machine A is used for 6 hours a day to produce 120 units of X, while machine B is used for 4 hours a day to produce 80 units of Y. If the total production cost is ₦120,000, and the selling price of X is ₦200 per unit and Y is ₦300 per unit, what is the profit made by the company per day?
Question 7
A company issues 1,000 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 issued 10,000 shares of 1 par value at a premium of 3 per share. If the shares were sold for 5 each, calculate the total amount received from the sale of shares.
Question 9
A company uses the single entry system of accounting. The following transactions were recorded in the accounting period:
Question 10
A company has the following trial balance:
Debit
Accounts Payable 50,000
Salaries Expense 30,000
Rent Expense 20,000
Utilities Expense 15,000
Cash 100,000
Credit
Accounts Receivable 40,000
Salaries Payable 25,000
Rent Payable 18,000
Utilities Payable 12,000
What is the net income for the year?
Question 11
A company purchased a machine for ₦200,000. If the machine is depreciated by 10% per annum, what is the machine's value after 2 years?
Question 12
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The issue expenses were ₦ 10,000. Calculate the amount received from the issue of shares.
Question 13
A company's assets are valued at ₦100,000,000. If the company's liabilities are ₦50,000,000, what is the company's net worth?
Question 14
A partnership has two partners, A and B. The capital accounts of A and B are ₦ 50,000 and ₦ 30,000 respectively. The profit for the year is ₦ 20,000. Calculate the share of profit of A.
Question 15
A company uses the cash basis of accounting. During the year, it had the following transactions:
Jan 1: Cash 100,000
Jan 15: Sales 50,000
Feb 1: Purchases 30,000
Feb 20: Sales 70,000
Mar 1: Purchases 40,000
Mar 25: Sales 80,000
Apr 1: Purchases 50,000
Apr 20: Sales 90,000
May 1: Purchases 60,000
May 25: Sales 100,000
Jun 1: Purchases 70,000
Jun 20: Sales 110,000
Jul 1: Purchases 80,000
Jul 25: Sales 120,000
Aug 1: Purchases 90,000
Aug 20: Sales 130,000
Sep 1: Purchases 100,000
Sep 25: Sales 140,000
Oct 1: Purchases 110,000
Oct 20: Sales 150,000
Nov 1: Purchases 120,000
Nov 25: Sales 160,000
Dec 1: Purchases 130,000
Dec 20: Sales 170,000
What is the net cash flow for the year?
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.
Unlock Full Access
Available for Android & Windows