POST UTME UNILORIN 2019 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A partnership is formed between two individuals, A and B, who invest ₦100,000 and ₦150,000 respectively. At the end of the first year, the profit is ₦50,000. If A's share of the profit is ₦25,000, what is B's share of the profit?
Question 2
A company's public sector accounting for the year ended 31st December 2022 is as follows: Government Grants: ₦100,000; Subsidies: ₦50,000; Interest on Loans: ₦20,000. Calculate the total government assistance for the year.
Question 3
A company's control account for the year ended 31st December 2022 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000; Returns Outwards: ₦20,000; Returns Inwards: ₦10,000. Calculate the total sales for the year.
Question 4
A company has the following transactions: Purchased goods for ₦1,500,000, sold goods for ₦2,000,000, and paid salaries of ₦400,000. If the company has a capital of ₦1,000,000, what is the net profit of the company?
Question 5
A company's balance sheet shows a current asset of ₦1,500,000 and a current liability of ₦800,000. What is the company's working capital?
Question 6
A company's trading account for the year shows a profit of ₦1,200,000. The company's balance sheet shows a capital of ₦2,500,000 and a profit and loss account of ₦1,200,000. What is the company's net worth?
Question 7
A manufacturing company uses the process costing method. The company has two departments: Cutting and Assembly. The Cutting department has a production cost of ₦1,200,000 and the Assembly department has a production cost of ₦2,500,000. The company's total production cost is ₦4,000,000. Calculate the cost of production per unit for the Cutting department.
Question 8
A company prepares a balance sheet as at December 31, 2022. The company's assets consist of cash ₦100,000, accounts receivable ₦50,000, and inventory ₦200,000. The company's liabilities consist of accounts payable ₦30,000 and long-term debt ₦150,000. What is the correct total equity for the company?
Question 9
A partnership is formed between two individuals, A and B, with a capital of ₦500,000 each. The partnership agreement states that the profits will be shared in the ratio 3:2. If the profit for the year is ₦750,000, how much will A receive?
Question 10
A company's profit and loss account for the year shows a profit of ₦1,500,000. The company's balance sheet shows a capital of ₦3,000,000 and a profit and loss account of ₦1,500,000. What is the company's net worth?
Question 11
A company issued 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable after 5 years. Calculate the amount of discount on the debentures.
Question 12
A company's manufacturing account for the year ended 31st December 2022 is as follows: Opening Work-in-Progress: ₦100,000; Direct Materials: ₦200,000; Direct Labour: ₦150,000; Closing Work-in-Progress: ₦120,000. Calculate the cost of goods manufactured for the year.
Question 13
A company has two partners: A and B. Partner A has a capital of ₦500,000 and Partner B has a capital of ₦300,000. If the company makes a profit of ₦200,000, what is the share of the profit of Partner A?
Question 14
A company uses the double-entry system of accounting. If the company's assets increase by ₦100,000 and its liabilities decrease by ₦50,000, what is the effect on the company's equity?
Question 15
A company's balance sheet at the beginning of the year showed a capital of ₦2,500,000 and drawings of ₦1,000,000. The company's profit for the year ended 31st December 2022 is ₦1,500,000. The company's profit-sharing ratio is 2:3:1. Calculate the amount of profit to be distributed to each partner.
Master the Exam!
You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.
Unlock Full Access
Available for Android & Windows