POST UTME UNILORIN 2018 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's trial balance shows the following balances:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | ₦10,000 | |
| Bank | | ₦15,000 |
| Accounts Payable | ₦5,000 | |
| Accounts Receivable | | ₦20,000 |
| Sales | | ₦25,000 |
Identify the error in the trial balance and correct it.
Question 2
A government agency is required to prepare a statement of cash flows. What is the purpose of this statement?
Question 3
A company's share capital consists of 10,000 ordinary shares of ₦10 each and 5,000 preference shares of ₦5 each. Calculate the ratio of ordinary shares to preference shares.
Question 4
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The company also issued 10,000, 8% preference shares of ₦50 each at a premium of 10%. Calculate the total amount received from the issue of debentures and preference shares.
Question 5
A company has the following transactions in its ledger: Debit: ₦100,000 to Cash, ₦150,000 to Accounts Payable, ₦200,000 to Equipment. Credit: ₦120,000 to Accounts Receivable, ₦180,000 to Salaries Expense. What is the net effect of these transactions on the company's assets?
Question 6
A company has the following transactions during the year:
January 1: Purchased equipment for ₦300,000.
January 15: Sold merchandise for ₦100,000.
February 10: Purchased merchandise for ₦50,000.
March 20: Sold merchandise for ₦75,000.
April 1: Purchased equipment for ₦200,000.
May 15: Sold merchandise for ₦125,000.
June 10: Purchased merchandise for ₦75,000.
July 20: Sold merchandise for ₦100,000.
August 1: Purchased equipment for ₦250,000.
September 15: Sold merchandise for ₦150,000.
October 10: Purchased merchandise for ₦100,000.
November 20: Sold merchandise for ₦125,000.
December 1: Purchased equipment for ₦300,000.
December 15: Sold merchandise for ₦175,000.
What is the total amount of cost of goods sold for the year?
Question 7
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
Question 8
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦100,000. The company's cash book also shows a debit balance of ₦30,000 in the 'Office Equipment' account. The bank statement shows a credit balance of ₦20,000 in the same account. What is the correct explanation for the discrepancy in the cash book and bank statement?
Question 9
A government agency has the following transactions in its ledger: Debit: ₦100,000 to Cash, ₦150,000 to Accounts Payable. Credit: ₦120,000 to Accounts Receivable, ₦180,000 to Salaries Expense. What is the net effect of these transactions on the government agency's assets?
Question 10
A company has the following transactions in its bank reconciliation statement:
1. Bank balance as per bank statement: ₦150,000
2. Cash in hand: ₦20,000
3. Cheques issued but not yet presented for payment: ₦30,000
4. Cheques deposited but not yet cleared: ₦40,000
What is the bank balance as per the company's books?
Question 11
A company has the following transactions in its manufacturing account:
1. Opening stock: ₦100,000
2. Purchases: ₦200,000
3. Direct labour: ₦150,000
4. Overheads: ₦120,000
What is the total cost of production?
Question 12
A company produces two products, X and Y. The production costs for X are ₦100 per unit, and for Y are ₦120 per unit. The selling price for X is ₦150 per unit, and for Y is ₦180 per unit. If the company produces 100 units of X and 50 units of Y, what is the total profit?
Question 13
A company has the following transactions during the year:
January 1: Purchased equipment for ₦300,000.
January 15: Sold merchandise for ₦100,000.
February 10: Purchased merchandise for ₦50,000.
March 20: Sold merchandise for ₦75,000.
April 1: Purchased equipment for ₦200,000.
May 15: Sold merchandise for ₦125,000.
June 10: Purchased merchandise for ₦75,000.
July 20: Sold merchandise for ₦100,000.
August 1: Purchased equipment for ₦250,000.
September 15: Sold merchandise for ₦150,000.
October 10: Purchased merchandise for ₦100,000.
November 20: Sold merchandise for ₦125,000.
December 1: Purchased equipment for ₦300,000.
December 15: Sold merchandise for ₦175,000.
What is the total amount of sales for the year?
Question 14
A company has the following transactions in its cash book:
1. Cash received from customers: ₦100,000
2. Cash paid to suppliers: ₦80,000
3. Cash paid to employees: ₦60,000
4. Cash received from bank: ₦120,000
What is the total cash paid by the company?
Question 15
A company has the following transactions in its cash book:
1. Cash received from customers: ₦100,000
2. Cash paid to suppliers: ₦80,000
3. Cash paid to employees: ₦60,000
4. Cash received from bank: ₦120,000
What is the total cash received by the company?
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