POST UTME UI 2023 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | 10,000 | |
| 2nd Jan | Bank | | 5,000 |
| 3rd Jan | Cash | | 10,000 |
What is the balance of the bank account?
Question 2
A company uses the straight-line method to depreciate its assets. The asset's cost is ₦120,000 and its useful life is 5 years. If the asset is sold after 3 years for ₦60,000, what is the amount of depreciation expense for the 3rd year?
Question 3
A trial balance is prepared to ensure that the total debit equals the total credit.
Question 4
A company's trial balance shows the following accounts: Accounts Payable ₦100,000, Accounts Receivable ₦50,000, and Common Stock ₦200,000. What is the total amount of assets?
Question 5
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | ₦ 1,000 | |
| 2nd Jan | Bank | | ₦ 500 |
| 3rd Jan | Cash | | ₦ 200 |
| 4th Jan | Bank | ₦ 300 | |
| 5th Jan | Cash | | ₦ 400 |
What is the balance in the cash account?
Question 6
A company uses the FIFO method to value its inventory. The company's inventory consists of two types of goods: A and B. The cost of goods A is ₦100,000, and the number of units sold is 200. The cost of goods B is ₦120,000, and the number of units sold is 300. The total cost of goods sold is ₦240,000. What is the cost per unit of goods B?
Question 7
A company's trial balance shows an error of ₦20,000 due to an incorrect posting of a credit entry. The correct credit entry is ₦15,000. What is the correct journal entry to rectify the error?
Question 8
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. Calculate the total amount received from the issue of shares.
Question 9
A company's profit and loss account is prepared to show the company's profit or loss for the period.
Question 10
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | 10,000 | |
| 2nd Jan | Bank | | 5,000 |
| 3rd Jan | Cash | | 10,000 |
What is the balance of the cash account?
Question 11
A company uses the double-entry system of accounting. The company's journal entry for the purchase of a piece of equipment is as follows: Debit Equipment ₦80,000 and Credit Accounts Payable ₦80,000. What is the effect of this transaction on the company's balance sheet?
Question 12
A manufacturing company uses a job costing system. The following data relate to a particular job: Direct Materials ₦15,000, Direct Labour ₦8,000, Factory Overheads ₦12,000. Calculate the total cost of the job.
Question 13
A company's income statement for the year ended December 31, 2022, shows the following: Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Net Income ₦150,000. What is the company's gross profit?
Question 14
A company's cash book shows a balance of ₦150,000. However, the bank statement shows a balance of ₦120,000. The difference is due to a discrepancy in the cash book. What is the most likely reason for this discrepancy?
Question 15
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. The company also issues 500 debentures of ₦100 each. What is the total amount received from the issue of shares and debentures?
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