POST UTME UNN 2021 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦150,000. The difference of ₦30,000 is due to a dishonored cheque of ₦20,000 and an outstanding deposit of ₦10,000. What is the correct balance in the cash book?
Question 2
A company has two partners, A and B, who share profits in the ratio 3:2. If the total profit for the year is ₦120,000, what is the amount of profit that partner A will receive?
Question 3
A company has a profit of ₦10,000. The profit-sharing ratio between the partners is 3:2. Calculate the profit-sharing ratio in terms of the capital accounts.
Question 4
A company purchases a machine for ₦500,000 and depreciates it by 10% per annum. Calculate the value of the machine after 3 years.
Question 5
A company issues 10,000, 9% debentures of ₦100 each at a discount of 5%. Calculate the amount received from the debenture holders.
Question 6
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 7
A company's trading account shows a profit of ₦100,000. The company's profit and loss account shows a net profit of ₦120,000. What is the amount of the company's dividend?
Question 8
A company's depreciation policy is to depreciate its assets using the straight-line method. The company's assets have a useful life of 10 years and a residual value of ₦50,000. Calculate the annual depreciation charge for the company's assets.
Question 9
A company issues 10,000 shares of ₦1 each at a premium of ₦0.50 per share. Calculate the total amount received from the issue of shares.
Question 10
A partnership is formed between two individuals, A and B, with a capital contribution of ₦500,000 and ₦300,000 respectively. The partnership agreement states that profits and losses will be shared in the ratio 3:2. If the partnership made a profit of ₦150,000, how much will A receive?
Question 11
A company has a capital of ₦1,000,000 and a reserve of ₦500,000. If the company issues 10,000 shares of ₦10 each at a premium of ₦5 per share, calculate the amount of premium received.
Question 12
A company's balance sheet shows the following balances: Cash ₦100,000, Accounts Payable ₦50,000, Common Stock ₦200,000, Retained Earnings ₦150,000. What is the total equity of the company?
Question 13
A company issues 1,000 shares of common stock at ₦50 per share. What is the total amount received from the sale of these shares?
Question 14
A company's assets at the beginning of the year were ₦1,000,000. The company's assets at the end of the year were ₦1,500,000. The company's liabilities at the beginning of the year were ₦500,000. The company's liabilities at the end of the year were ₦750,000. Calculate the company's net worth at the end of the year.
Question 15
A partnership has two partners, A and B. The capital accounts of A and B are ₦10,000 and ₦20,000 respectively. The profit-sharing ratio is 3:2. Calculate the profit-sharing ratio in terms of the capital accounts.
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