POST UTME UNILORIN 2021 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's control account for the year ended December 31, 2020, is as follows:
| Particulars | ₦ |
| --- | --- |
| Sales | 100,000 |
| Returns | 5,000 |
| | | 95,000 |
What is the value of the company's sales?
Question 2
A company's balance sheet as at 31st December, 2021, is as follows:
Question 3
A company's single entry system shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Sales | ₦20,000 | |
| 2 Jan | Purchases | | ₦15,000 |
| 3 Jan | Cash | ₦10,000 | |
| 4 Jan | Bank | | ₦8,000 |
What is the net profit for the period?
Question 4
A company's manufacturing account shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Raw Materials | ₦30,000 | |
| 2 Jan | Labour | | ₦20,000 |
| 3 Jan | Factory Overheads | ₦15,000 | |
| 4 Jan | Work-in-Progress | | ₦50,000 |
What is the cost of goods manufactured?
Question 5
A company's manufacturing account for the year ended December 31, 2020, is as follows:
| Particulars | ₦ |
| --- | --- |
| Opening stock | 10,000 |
| Raw materials purchased | 50,000 |
| Work-in-progress | 20,000 |
| Closing stock | 15,000 |
| | | 95,000 |
What is the value of the company's raw materials purchased?
Question 6
A company uses the lower of cost or market (LCM) method of inventory valuation. If the cost of the inventory is ₦100,000 and the market value is ₦80,000, what is the value of the inventory?
Question 7
A company's bank reconciliation statement shows the following discrepancies: NSF checks ₦10,000, bank errors ₦5,000, and outstanding deposits ₦15,000. What is the total amount of the discrepancies?
Question 8
A company issues 10,000, 9% debentures of ₦100 each on January 1, 2020. The debentures are redeemable at ₦120 each on January 1, 2025. If the company pays an annual interest of ₦9 per debenture, calculate the total interest paid in the year 2024.
Question 9
A company's trial balance as at 31st December, 2021, is as follows:
Question 10
A company's depreciation policy is to depreciate its assets by 10% per annum. If the company's asset value is ₦100,000 at the beginning of the year, what will be its value at the end of the year?
Question 11
A partnership has two partners, A and B. A's capital is ₦200,000 and B's capital is ₦300,000. The profit-sharing ratio is 2:3. Calculate the amount of profit to be shared by A.
Question 12
A company uses the straight-line method of depreciation. If the asset's useful life is 5 years and the residual value is ₦20,000, what is the annual depreciation charge if the asset's cost is ₦150,000?
Question 13
A company issued 10,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Calculate the amount of discount on the debentures.
Question 14
A company's income statement showed the following balances: Sales Revenue ₦200,000, Cost of Goods Sold ₦150,000, Gross Profit ₦50,000. Prepare a statement of cash flows.
Question 15
A company purchases a machine for ₦500,000 and depreciates it using the straight-line method over a period of 5 years. Calculate the annual depreciation charge.
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