POST UTME WELLSPRING UNIVERSITY 2022 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
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 24 hours and machine B operates for 18 hours, what is the total number of units of product X produced?
Question 2
A company issues 1,000 shares of stock at ₦10 per share. What is the total amount of cash received from the sale of these shares?
Question 3
A company's bank reconciliation statement shows the following: Bank balance ₦50,000, Deposits in transit ₦10,000, and Outstanding checks ₦20,000. What is the adjusted bank balance?
Question 4
A company has the following bank reconciliation statement:
Bank Balance: ₦ 50,000,
What is the correct explanation for the discrepancy?
Question 5
A company has a trial balance that includes the following accounts: Accounts Payable ₦100,000, Accounts Receivable ₦80,000, and Sales Revenue ₦120,000. What is the total amount of assets on the balance sheet?
Question 6
A bank reconciliations statement shows a difference of ₦15,000 between the bank statement balance and the cash book balance. The bank statement balance includes an outstanding cheque of ₦5,000 and a bank charge of ₦10,000. What is the correct explanation for the difference?
Question 7
A partnership is formed between two individuals, A and B, with a capital of ₦1,000,000. The profit-sharing ratio is 3:2. If the profit for the year is ₦500,000, calculate the amount of profit that will be shared by A.
Question 8
A company's cash book shows the following transactions: Purchased office supplies for ₦10,000, sold goods for ₦50,000, and purchased equipment for ₦80,000. What is the total amount of assets recorded in the cash book?
Question 9
A company has the following trial balance:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | 10,000 | |
| Equipment | | 15,000 |
| Accounts Payable | | 5,000 |
| Sales | | 20,000 |
What is the total amount of the company's assets?
Question 10
A company uses the straight-line method of depreciation. If the asset's useful life is 5 years and the residual value is ₦20,000, what is the annual depreciation charge if the asset's cost is ₦150,000?
Question 11
A company's trial balance shows the following accounts: Cash ₦50,000, Accounts Payable ₦20,000, and Common Stock ₦100,000. What is the total amount of liabilities and equity recorded in the trial balance?
Question 12
A company uses the single-entry system of accounting. The following transactions were recorded in the accounting period: Purchased office supplies for ₦10,000, sold goods for ₦50,000, and purchased equipment for ₦80,000. What is the total amount of assets recorded in the accounting period?
Question 13
A company's trial balance shows the following accounts: Cash ₦50,000, Accounts Payable ₦20,000, and Common Stock ₦100,000. What is the total amount of liabilities and equity recorded in the trial balance?
Question 14
A company has the following trial balance:
| Account | Debit | Credit |
| --- | --- | --- |
| Cash | 10,000 | |
| Equipment | | 15,000 |
| Accounts Payable | | 5,000 |
| Sales | | 20,000 |
What is the total amount of the company's assets?
Question 15
A company uses the double-entry system of accounting. The company has the following transactions:
| Date | Description | Debit | Credit |
| --- | --- | --- | --- |
| 1 | Cash | 10,000 | |
| 2 | Equipment | | 15,000 |
| 3 | Accounts Payable | | 5,000 |
| 4 | Sales | | 20,000 |
What is the total amount of the company's liabilities?
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