POST UTME UNILORIN 2023 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company uses the perpetual inventory system. On January 1, 2022, it had 1,000 units of a product on hand at a cost of ₦100 per unit. During the year, 500 units were sold at ₦200 per unit. On December 31, 2022, 200 units were on hand at a cost of ₦120 per unit. What is the cost of goods available for sale for the year?
Question 2
A company's profit and loss account shows the following accounts: Sales ₦1,000,000, Cost of Goods Sold ₦600,000, Gross Profit ₦400,000, Operating Expenses ₦150,000. What is the net profit?
Question 3
A company has the following transactions related to its accounts payable:
January 1: Accounts payable ₦10,000
January 10: Payment to supplier ₦5,000
January 15: New purchase ₦2,000
January 20: Payment to supplier ₦3,000
January 25: New purchase ₦1,000
Prepare the accounts payable ledger as of January 31.
Question 4
A company has the following transactions in its balance sheet:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Assets | | 100,000 |
| 15 Jan | Liabilities | 50,000 | |
| 20 Jan | Assets | | 80,000 |
| 25 Jan | Liabilities | 30,000 | |
| 31 Jan | Assets | | 120,000 |
What is the equity for the year?
Question 5
A company has the following transactions in its trading account:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Sales | | 100,000 |
| 15 Jan | Purchases | 50,000 | |
| 20 Jan | Sales | | 80,000 |
| 25 Jan | Purchases | 30,000 | |
| 31 Jan | Sales | | 120,000 |
What is the profit for the year?
Question 6
A company has the following transactions in its cash book:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Cash received from customers | | 100,000 |
| 15 Jan | Cash paid to suppliers | 50,000 | |
| 20 Jan | Cash received from bank | | 20,000 |
| 25 Jan | Cash paid to employees | 30,000 | |
| 31 Jan | Cash received from customers | | 40,000 |
What is the cash balance on 31 Jan?
Question 7
A company's balance sheet shows the following accounts: Fixed Assets ₦500,000, Current Assets ₦300,000, Capital ₦800,000, Profit and Loss Account ₦200,000. What is the total amount of equity?
Question 8
A company has the following transactions in its bank reconciliation statement:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Bank balance | | 10,000 |
| 15 Jan | Cheque deposited | | 5,000 |
| 20 Jan | Cheque issued | | 3,000 |
| 25 Jan | Bank interest | | 2,000 |
| 31 Jan | Bank balance | | 12,000 |
What is the bank balance on 31 Jan?
Question 9
A company uses the straight-line method to depreciate its assets. The asset cost ₥0,000 and has a useful life of 5 years. What is the annual depreciation amount?
Question 10
A company's profit and loss account as at 31st December 2022 is as follows:
Sales: ₦500,000
Cost of Goods Sold: ₦300,000
Gross Profit: ₦200,000
What is the net profit recorded in the profit and loss account?
Question 11
A company's cash book as at 31st December 2022 is as follows:
Cash at Bank: ₦50,000
Cash in Hand: ₦20,000
Cheques Deposited: ₦30,000
Cheques Issued: ₦40,000
What is the total amount of cash recorded in the cash book?
Question 12
A company's trial balance as of December 31, 2022, is as follows:
Debit
₦10,000
₦20,000
₦30,000
₦40,000
₦50,000
₦60,000
₦70,000
₦80,000
₦90,000
₦100,000
Credit
₦10,000
₦20,000
₦30,000
₦40,000
₦50,000
₦60,000
₦70,000
₦80,000
₦90,000
₦100,000
Identify the errors in the trial balance.
Question 13
A company manufactures two products, X and Y. Product X requires 2 hours of direct labor and 3 hours of indirect labor, while product Y requires 3 hours of direct labor and 2 hours of indirect labor. If the company works 240 hours of direct labor and 360 hours of indirect labor, how many units of product X and Y should be produced to maximize profit?
Question 14
A company uses the single entry system of accounting. The following transactions were recorded in the accounting period:
Depreciation on a machine: ₦15,000
Interest on a loan: ₦20,000
Rent for the year: ₦30,000
What is the total amount of expenses recorded in the accounting period?
Question 15
A government agency has the following transactions in its cash book:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| 1 Jan | Cash received from taxpayers | | 100,000 |
| 15 Jan | Cash paid to suppliers | 50,000 | |
| 20 Jan | Cash received from bank | | 20,000 |
| 25 Jan | Cash paid to employees | 30,000 | |
| 31 Jan | Cash received from taxpayers | | 40,000 |
What is the cash balance on 31 Jan?
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