POST UTME UNIOSUN 2024 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company issues 1,000, 10% debentures of ₦100 each at a discount of 5%. Calculate the total amount received from debenture holders and the amount of discount on the debentures.
Question 2
A company has the following trial balance:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | ₦100,000 | |
| Accounts Payable | | ₦50,000 |
| Sales Revenue | | ₦200,000 |
| Cost of Goods Sold | ₦150,000 | |
| Net Income | | |
What is the correct balance for the Net Income account?
Question 3
A company's trial balance shows the following balances: Cash ₦15,000, Accounts Payable ₦20,000, and Common Stock ₦50,000. The company's bank reconciliation statement shows a balance of ₦18,000. What is the correct balance of the company's Cash account?
Question 4
A partnership has two partners, A and B. A invested ₦50,000 and B invested ₦30,000. The profit-sharing ratio is 3:2. Calculate the ratio of their capitals.
Question 5
A company produces two products, X and Y, using two machines, M1 and M2. The production process involves the following costs:
| Product | Machine Hours | Labor Hours | Material Costs |
| --- | --- | --- | --- |
| X | 5 | 3 | ₦100 |
| Y | 3 | 2 | ₦150 |
The company operates for 120 hours and uses 40 labor hours. The total material cost is ₦18,000. What is the total cost of producing 30 units of product X?
Question 6
A company's balance sheet shows the following data: Assets ₦150,000, Liabilities ₦50,000, Equity ₦100,000. Calculate the return on equity.
Question 7
A company issued 5,000 9% debentures of ₦100 each. Calculate the amount of interest payable annually.
Question 8
A company's profit and loss account shows a profit of ₦100,000. The balance sheet shows an increase in equity of ₦150,000. What is the company's net cash inflow from operating activities?
Question 9
A company has the following financial statements:
| Statement | Amount |
| --- | --- |
| Cash Flow from Operations | ₦100,000 |
| Cash Flow from Investing | ₦50,000 |
| Cash Flow from Financing | ₦20,000 |
| Net Change in Cash | |
What is the correct amount for the Net Change in Cash account?
Question 10
A company's balance sheet shows an asset of ₦500,000 and a liability of ₦300,000. What is the company's equity?
Question 11
A company's cash book showed the following transactions: Cash 10,000; Bank 5,000; Credit Sales 20,000; Debit Purchases 15,000. Prepare the company's cash book.
Question 12
A company uses the straight-line method of depreciation. If the cost of the asset is ₦100,000 and its residual value is ₦20,000, calculate the annual depreciation charge.
Question 13
A company's trial balance shows an error of ₦5,000 in the debit side of the accounts payable account. The correct balance is ₦120,000. What is the correct balance of the accounts payable account?
Question 14
A government agency is responsible for collecting taxes from citizens. The agency has two departments: Department A and Department B. Department A collects taxes from 80% of the population, while Department B collects taxes from the remaining 20%. If the total tax revenue is ₦120,000,000, and Department A collects ₦80,000,000, what is the tax revenue collected by Department B?
Question 15
A company's trial balance as of December 31, 2023, showed the following balances: Accounts Receivable 50,000; Accounts Payable 20,000; Common Stock 100,000; Retained Earnings 50,000. Prepare the company's balance sheet as of December 31, 2023.
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