POST UTME UNIPORT 2019 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company, GHI Ltd, has a company account that shows the following information: Common Stock ₦1,000,000, Retained Earnings ₦500,000, and Dividends ₦200,000. If the company declares a 10% dividend, calculate the amount of dividend declared.
Question 2
A company, XYZ Ltd, has a manufacturing department that produces a product at a cost of ₦100 per unit. The selling price of the product is ₦150 per unit. If the company sells 1,000 units of the product, calculate the gross profit.
Question 3
A manufacturing company produces 100 units of a product per day. The product sells for ₦200 per unit. The company's fixed costs are ₦50,000 per day, and the variable costs are ₦30 per unit. Determine the company's break-even point in units.
Question 4
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, calculate the amount of profit that will be shared by A.
Question 5
A company uses the single entry system of accounting. The following transactions were recorded in the accounting period:
Question 6
A company issued 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The issue expenses were ₦ 5,000. Calculate the total amount received from the issue of shares.
Question 7
A company's profit and loss account for the year ended December 31, 2022, shows a profit of ₦150,000. The company's balance sheet as at December 31, 2022, shows a current asset of ₦200,000 and a non-current asset of ₦300,000. Determine the company's return on investment.
Question 8
A company uses the straight-line method of depreciation. The cost of a machine is ₦200,000, and its residual value is ₦20,000. The machine is expected to last for 5 years. What is the annual depreciation charge?
Question 9
A company, DEF Ltd, has a single-entry system that shows the following transactions: Cash received from customers ₦500,000, Cash paid to suppliers ₦200,000, and Cash paid to employees ₦150,000. If the company's beginning cash balance was ₦100,000, calculate the company's ending cash balance.
Question 10
A company's balance sheet shows an asset of ₦50,000 in the 'Furniture' account. If the asset is depreciated by 15% per annum, what is the value of the asset after 2 years?
Question 11
A company's balance sheet as at 31st December 20X8 is as follows:
Assets:
₦ 100,000 (cash)
₦ 50,000 (debtors)
₦ 20,000 (prepaid rent)
Liabilities:
₦ 80,000 (creditors)
₦ 10,000 (loans)
What is the total amount of liabilities?
Question 12
Determine the amount of depreciation for a machine with a cost of ₦150,000, a useful life of 5 years, and a residual value of ₦30,000, using the straight-line method.
Question 13
A company's balance sheet shows an asset of ₦100,000 in the 'Office Equipment' account. If the asset is depreciated by 20% per annum, what is the value of the asset after 3 years?
Question 14
A company's cash book shows a debit balance of ₦10,000 in the 'Bank' account. Prepare the necessary bank reconciliation statement to correct this error.
Question 15
A company's balance sheet as at 31st December, 2022 is as follows:
| Asset | ₦ | Liability | ₦ | Equity | ₦ |
| --- | --- | --- | --- | --- | --- |
| Cash | 50,000 | Accounts Payable | 30,000 | Retained Earnings | 20,000 |
| Accounts Receivable | 40,000 | Notes Payable | 20,000 | Common Stock | 30,000 |
| Inventory | 80,000 | Total Liabilities | 50,000 | Total Equity | 80,000 |
| Total Assets | 170,000 | | | | |
Identify the error in the balance sheet.
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