POST UTME UNILORIN 2017 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company uses the straight-line method of depreciation. If the cost of an asset is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
Question 2
A company purchases a machine for ₦500,000 and depreciates it using the straight-line method over a useful life of 5 years. If the company uses the machine for 3 years, what is the accumulated depreciation?
Question 3
A company's balance sheet shows the following balances: Cash ₦100,000, Accounts Payable ₦50,000, and Common Stock ₦200,000. What is the total liabilities?
Question 4
A company's balance sheet as at 31st December 2022 is as follows:
Assets:
₦0,000 to cash at bank
₦0,000 to debtors
₦0,000 to stock
₦0,000 to plant and machinery
₦0,000 to investments
Liabilities:
₦0,000 to share capital
₦0,000 to reserves
₦0,000 to long-term loans
Calculate the total amount of liabilities.
Question 5
A government agency has the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | 10,000 | |
| 2nd Jan | Bank | | 10,000 |
| 3rd Jan | Cash | | 5,000 |
| 4th Jan | Bank | 5,000 | |
| 5th Jan | Cash | | 10,000 |
| 6th Jan | Bank | 10,000 | |
| 7th Jan | Cash | | 5,000 |
| 8th Jan | Bank | 5,000 | |
| 9th Jan | Cash | | 10,000 |
| 10th Jan | Bank | 10,000 | |
What is the balance in the bank account on 10th Jan?
Question 6
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, and Sales Revenue ₦200,000. What is the net income?
Question 7
A company's balance sheet as at 31st December 2022 is as follows:
Assets:
₦0,000 to cash at bank
₦0,000 to debtors
₦0,000 to stock
₦0,000 to plant and machinery
₦0,000 to investments
Liabilities:
₦0,000 to share capital
₦0,000 to reserves
₦0,000 to long-term loans
Calculate the total amount of assets.
Question 8
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | 1,000 | |
| 2nd Jan | Bank | | 1,000 |
| 3rd Jan | Cash | | 500 |
| 4th Jan | Bank | 500 | |
| 5th Jan | Cash | | 1,000 |
| 6th Jan | Bank | 1,000 | |
| 7th Jan | Cash | | 500 |
| 8th Jan | Bank | 500 | |
| 9th Jan | Cash | | 1,000 |
| 10th Jan | Bank | 1,000 | |
What is the balance in the cash account on 10th Jan?
Question 9
A company's balance sheet shows an asset of ₦200,000 with a carrying value of ₦180,000. What is the amount of impairment loss?
Question 10
A company uses the straight-line method of depreciation. If the cost of an asset is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
Question 11
A company uses the FIFO method to value its inventory. If the cost of the current period's purchases is ₦150,000, the cost of the previous period's inventory is ₦100,000, and the total cost of goods available for sale is ₦250,000, what is the cost of goods sold?
Question 12
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 13
A company has the following transactions: Purchased goods for ₦50,000, Sold goods for ₦100,000, and Paid salaries of ₦20,000. What is the net income of the company?
Question 14
The following trial balance of a manufacturing company shows the following balances: Cost of Goods Sold, ₦1,500,000; Sales, ₦3,000,000; and Profit, ₦500,000. What is the total value of the company's assets?
Question 15
In a partnership account, if the capital of one partner is increased by ₦50,000 and the capital of another partner is decreased by ₦20,000, what is the net effect on the total capital of the partnership?
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