POST UTME UI 2019 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company purchases a machine for ₦1,500,000 and depreciates it by 10% per annum. If the company uses the straight-line method of depreciation, calculate the amount of depreciation for the first year.
Question 2
A company's trading account shows a profit of ₦50,000. If the company's capital is ₦100,000 and the drawings are ₦20,000, what is the company's retained earnings?
Question 3
A company issued 10,000 shares of ₦1 each at a premium of ₦0.50 per share. Calculate the total amount received from the issue of shares.
Question 4
A company's journal entries for the year ended 31st December, 2022 are as follows: Debit Accounts Payable ₦50,000; Credit Purchases ₦50,000; Debit Accounts Receivable ₦20,000; Credit Sales ₦20,000; Debit Common Stock ₦100,000; Credit Dividends ₦10,000; Debit Equipment ₦80,000; Credit Depreciation Expense ₦80,000; Debit Expenses ₦30,000; Credit Income Taxes Payable ₦15,000; Debit Interest Payable ₦5,000; Credit Notes Payable ₦40,000; Debit Retained Earnings ₦60,000; Credit Salaries Expense ₦25,000; Debit Sales Revenue ₦150,000; Credit Supplies ₦10,000; Debit Utilities Expense ₦8,000; Credit Utilities Expense ₦8,000. Prepare a trial balance.
Question 5
A company purchases a building for ₦3,000,000 and depreciates it by 5% per annum. If the company uses the straight-line method of depreciation, calculate the amount of depreciation for the first year.
Question 6
In a partnership account, the capital of each partner is divided in the ratio of their profit-sharing ratio. If the profit-sharing ratio of two partners, A and B, is 3:2, and their capitals are ₦120,000 and ₦90,000 respectively, what is the total capital of the partnership?
Question 7
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a total of ₦1,200,000, calculate the amount of premium received.
Question 8
A company purchased a machine for ₦120,000 on January 1, 2020. The machine has a useful life of 5 years and a residual value of ₦20,000. Calculate the annual depreciation using the straight-line method.
Question 9
A company's trial balance shows the following accounts: Cash ₦100,000, Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000. What is the net income of the company?
Question 10
A company uses the single-entry system of accounting. The company's journal entries for the year are as follows: Debit Cash ₦100,000, Credit Accounts Payable ₦50,000. What is the net income of the company?
Question 11
A company's balance sheet shows an asset of ₦80,000 and a liability of ₦30,000. What is the company's equity?
Question 12
A partnership is formed between two individuals, A and B, with a capital of ₦500,000 each. The profit-sharing ratio is 3:2. If the profit for the year is ₦750,000, calculate the amount of profit that should be distributed to A.
Question 13
A company uses the straight-line method of depreciation. If the cost of the asset is ₦150,000 and its useful life is 5 years, what is the annual depreciation charge?
Question 14
A company issued 5,000 9% debentures of ₦100 each at a discount of 5%. Calculate the total amount received from the issue of debentures.
Question 15
A company's trial balance showed the following balances: Accounts Payable ₦200,000, Accounts Receivable ₦150,000, and Common Stock ₦500,000. If the company's total assets were ₦1,200,000, calculate the amount of retained earnings.
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