POST UTME UNIBEN 2017 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's balance sheet as at 31 December 20X7 is as follows:
| Assets | ₦ | Liabilities | ₦ |
| --- | --- | --- | --- |
| Cash | 10,000 | Debentures | 50,000 |
| Bank | 20,000 | Share Capital | 100,000 |
| Stock | 30,000 | Profit and Loss | 20,000 |
| Total | 60,000 | Total | 180,000 |
Calculate the amount of depreciation on the stock for the year ended 31 December 20X7.
Question 2
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Cash | ₦1,000 | |
| 2 Jan | Bank | | ₦1,500 |
| 3 Jan | Cash | | ₦500 |
| 4 Jan | Bank | ₦800 | |
| 5 Jan | Cash | | ₦1,200 |
Calculate the balance of the cash book and the balance of the bank account.
Question 3
A company uses a bank reconciliation statement to reconcile its bank statement with its cash book. The bank statement shows a balance of 10,000, while the cash book shows a balance of 8,000. What is the total amount of the company's assets?
Question 4
A business has the following cash book: Debit 10,000, Credit 8,000, and a note receivable of 2,000. What is the total amount of the business's assets?
Question 5
A company purchased a machine for ₦100,000 and immediately sold it for ₦120,000. Calculate the profit made from the sale of the machine.
Question 6
The following is a statement of profit or loss of XYZ Ltd. for the year ended 31st December 2019.
Question 7
A government agency uses a public sector accounting system to record its transactions. The agency's ledger contains the following accounts: Cash, Accounts Payable, Accounts Receivable, and Common Stock. The agency's trial balance shows the following balances: Cash 10,000, Accounts Payable 5,000, Accounts Receivable 8,000, and Common Stock 20,000. What is the total amount of the agency's assets?
Question 8
A company has the following transactions: (1) Purchased office supplies for ₦5,000; (2) Sold office supplies for ₦3,000; (3) Purchased office equipment for ₦10,000. What is the net effect of these transactions on the company's office supplies account?
Question 9
A company uses a bank reconciliation statement to reconcile its bank statement with its cash book. The bank statement shows a balance of 10,000, while the cash book shows a balance of 8,000. What is the total amount of the company's assets?
Question 10
A company's single entry system shows the following transactions:
| Date | Particulars | ₦ |
| --- | --- | --- |
| 1 Jan | Sales | 10,000 |
| 2 Jan | Purchases | 8,000 |
| 3 Jan | Rent | 2,000 |
| 4 Jan | Salaries | 3,000 |
Calculate the net profit for the month of January.
Question 11
A company uses a double-entry system to record its transactions. The company's ledger contains the following accounts: Cash, Accounts Payable, Accounts Receivable, and Common Stock. The company's trial balance shows the following balances: Cash 10,000, Accounts Payable 5,000, Accounts Receivable 8,000, and Common Stock 20,000. What is the total amount of the company's assets?
Question 12
A company issues 5,000 shares of £ 1 each at a premium of £ 0.25 per share. Calculate the total amount received from the issue of shares.
Question 13
A company's balance sheet shows an increase in stock of £ 5,000 and a decrease in debtors of £ 2,000. Calculate the net increase in assets.
Question 14
A company's trial balance shows the following accounts: Accounts Payable ₦150,000, Accounts Receivable ₦200,000, and Common Stock ₦500,000. What is the company's total liabilities?
Question 15
A company uses the double entry system to record the following transactions:
Purchased office equipment for ₦120,000 cash.
Record the transaction in the ledger, assuming the office equipment is an asset.
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