POST UTME UNIBEN 2019 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and its residual value is ₦50,000, what is the annual depreciation charge if the asset's cost is ₦250,000?
Question 2
A company has the following ledger accounts: Dr. Cash A/c 10,000, Cr. Bank A/c 10,000. What is the effect of this entry on the company's cash balance?
Question 3
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5% on January 1, 2018. The debentures are redeemable at par on January 1, 2023. If the company's interest rate is 12% per annum, what is the annual interest on the debentures?
Question 4
A company's balance sheet shows a total assets of ₦500,000 and a total equity of ₦300,000. What is the company's gearing ratio?
Question 5
A company uses the double entry system to record its transactions. The company's ledger shows the following entry: Dr. Cash A/c 10,000, Cr. Bank A/c 10,000. What is the effect of this entry on the company's cash balance?
Question 6
A bank reconciliation statement shows a difference of 1,000 between the bank's statement and the business's records. The business's records show a balance of 10,000, while the bank's statement shows a balance of 9,000. What is the reason for the difference?
Question 7
A company's manufacturing account shows the following information:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Raw Materials | ₦10,000 | |
| 2 Jan | Labour | ₦5,000 | |
| 3 Jan | Factory Expenses | ₦2,000 | |
| 4 Jan | Work-in-Progress | | ₦17,000 |
What is the cost of goods manufactured?
Question 8
A business has an incomplete record of its transactions. The following information is available: Opening balance of cash 10,000; cash received from customers 20,000; cash paid to suppliers 15,000; and closing balance of cash 18,000. What is the total amount of cash received from customers?
Question 9
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Cash | ₦5,000 | |
| 2 Jan | Bank | | ₦5,000 |
| 3 Jan | Cash | | ₦2,000 |
| 4 Jan | Bank | ₦2,000 | |
| 5 Jan | Cash | | ₦1,000 |
| 6 Jan | Bank | ₦1,000 | |
| 7 Jan | Cash | | ₦500 |
| 8 Jan | Bank | ₦500 | |
| 9 Jan | Cash | | ₦200 |
| 10 Jan | Bank | ₦200 | |
| 11 Jan | Cash | | ₦100 |
| 12 Jan | Bank | ₦100 | |
What is the balance of the cash book?
Question 10
A business has a self-balancing ledger for its cash. The ledger shows a balance of 25,000. What is the reason for the balance?
Question 11
A company uses the double entry system to record its transactions. The company's ledger shows the following entry: Dr. Cash A/c 10,000, Cr. Bank A/c 10,000. What is the effect of this entry on the company's cash balance?
Question 12
A company's balance sheet is as follows:
Assets:
Machinery: ₦150,000
Vehicles: ₦80,000
Land: ₦200,000
Building: ₦300,000
Liabilities:
Loans: ₦100,000
Capital: ₦200,000
Determine the total value of the company's assets.
Question 13
A partnership was formed on January 1, 2018, between A, B, and C with a capital of ₦500,000, ₦300,000, and ₦200,000, respectively. If the profit-sharing ratio is 2:3:1, what is the total profit for the year ended December 31, 2018?
Question 14
A company has the following ledger accounts: Dr. Cash A/c 10,000, Cr. Bank A/c 10,000. What is the effect of this entry on the company's cash balance?
Question 15
A company's assets are valued as follows:
Machinery: ₦150,000
Vehicles: ₦80,000
Land: ₦200,000
Building: ₦300,000
Determine the total value of the company's assets.
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