POST UTME VERITAS UNIVERSITY 2021 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company uses the accrual method of accounting. On December 31, 2022, it had the following accounts: Accounts Receivable ₦100,000, Accounts Payable ₦50,000, and Salaries Expense ₦20,000. What is the total amount of cash received from customers during the year?
Question 2
A company uses the perpetual inventory system. On January 1, 2022, it had 1,000 units of a product in stock, costing ₦100 each. During the year, 500 units were sold, and 200 units were purchased at ₦120 each. The company uses the weighted average method to value its inventory. What is the total cost of goods sold for the year?
Question 3
A company has a bank statement that shows the following transactions:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| 01/01 | Bank deposit | ₦100,000 | |
| 02/01 | Bank withdrawal | | ₦50,000 |
| 03/01 | Bank deposit | ₦150,000 | |
| 04/01 | Bank withdrawal | | ₦75,000 |
What is the total bank balance at the end of the month?
Question 4
A company prepares its financial statements for the year. The trading account shows a profit of ₦50,000, and the profit and loss account shows a profit of ₦30,000. What is the net result of these two accounts?
Question 5
A company's statement of financial position as at December 31, 2020, is presented below. Prepare the statement of cash flows for the year.
Question 6
A company has two departments, A and B. Department A has 5 employees, each earning ₦150,000 per month, while department B has 3 employees, each earning ₦200,000 per month. If the company pays a total of ₦1,500,000 in salaries for the month, how much is spent on department B?
Question 7
A company's bank statement showed a balance of ₠ 10,000. However, the company's cash book showed a balance of ₠ 12,000. What is the reason for the difference?
Question 8
A company uses the straight-line method of depreciation. If the cost of the asset is ₦1,000,000 and its residual value is ₦200,000, calculate the annual depreciation charge for the first year.
Question 9
A company's balance sheet shows a current ratio of 2:3. If the current assets are ₦120,000 and the current liabilities are ₦60,000, what is the amount of the company's long-term liabilities?
Question 10
A partnership agreement between John, Mary, and David states that the profits and losses will be shared in the ratio 3:2:1. If the profit for the year ended December 31, 2020, is ₦1,500,000, calculate the amount of profit that will be shared by David.
Question 11
A company issued 5,000 debentures of ₦1,000 each at a premium of ₦50 per debenture. Calculate the total amount received from the issue of debentures.
Question 12
A company's trial balance as of December 31, 2022, shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Common Stock ₦200,000. What is the net income for the year?
Question 13
Determine the amount of depreciation on a machine that cost ₦250,000 and has a useful life of 5 years, using the straight-line method.
Question 14
A manufacturing company has the following cost of production: ₦100,000 for direct materials, ₦50,000 for direct labor, and ₦20,000 for indirect expenses. Calculate the total cost of production.
Question 15
A company produces two products, X and Y, using two machines, A and B. The production process for X requires 2 hours on machine A and 3 hours on machine B, while the production process for Y requires 3 hours on machine A and 2 hours on machine B. If machine A operates for 12 hours and machine B operates for 15 hours, what is the total number of units of product X produced?
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