POST UTME WELLSPRING UNIVERSITY 2023 Accounting | Objective
Practice these randomly selected questions to test your readiness.
Question 1
A company's balance sheet shows the following balances: Cash ₦150,000, Accounts Payable ₦75,000, and Common Stock ₦250,000. What is the correct formula for calculating the company's total liabilities?
Question 2
A company's financial statements for the year ended 31 December 2022 are as follows: Trading profit ¦1,500,000; Profit before tax ¦1,800,000; Taxation ¦1,200,000; Profit after tax ¦1,600,000. What is the company's net profit for the year?
Question 3
A company's financial statements for the year ended 31 December 2022 are as follows: Trading profit ¦1,500,000; Profit before tax ¦1,800,000; Taxation ¦1,200,000; Profit after tax ¦1,600,000. What is the company's net profit for the year?
Question 4
A company prepares its final accounts for the year ended 31st December 2022. The trading account shows a gross profit of ₦150,000 and a net profit of ₦80,000. The balance sheet shows a capital of ₦200,000 and a profit and loss appropriation account shows a balance of ₦20,000. What is the correct classification of the balance of the profit and loss appropriation account?
Question 5
A company's balance sheet as at 31st December 2022 shows a total assets of ₦500,000 and a total liabilities of ₦300,000. What is the company's net worth?
Question 6
A company issued 10,000 equity shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
Question 7
A company uses a self-balancing ledger to record its transactions. The ledger shows the following balances: Cash ₦100,000, Accounts Payable ₦50,000, and Common Stock ₦200,000. What is the correct formula for calculating the company's net worth?
Question 8
A company issues 10,000, 9% debentures of ₦100 each at a discount of 5%. The debentures are redeemable at the end of 5 years. Calculate the amount of discount on the debentures.
Question 9
A company's cash book shows a discrepancy of ₦5,000 between the cash balance as per the cash book and the cash balance as per the bank statement. The cash balance as per the cash book is ₦20,000. What is the correct cash balance?
Question 10
A company uses the straight-line method to depreciate its assets. If the asset's useful life is 5 years and the residual value is ₦0, what is the annual depreciation expense if the asset's cost is ₦120,000?
Question 11
A company's cash book shows the following transactions:
| Date | Particulars | Debit | Credit |
| --- | --- | --- | --- |
| 1st Jan | Cash | ₦1,000 | |
| 2nd Jan | Sales | | ₦1,500 |
| 3rd Jan | Purchases | ₦500 | |
| 4th Jan | Cash | | ₦1,000 |
Calculate the cash balance on 4th Jan.
Question 12
A company's financial statements for the year ended 31 December 2022 are as follows: Revenue ¦1,500,000; Expenditure ¦1,800,000; Surplus/(Deficit) ¦1,200,000. What is the company's financial position?
Question 13
A company has the following transactions: Purchased office supplies for ₦20,000; Paid rent for ₦50,000; Sold goods for ₦100,000. What is the total revenue for the year?
Question 14
A company has two partners, A and B, who share profits and losses in the ratio 3:2. The company's profit for the year is ₦120,000. What is the share of profit for partner A?
Question 15
A single entry system is used to record transactions. The journal entry for a sale of goods on credit is: Debit Sales A/c ₦10,000, Credit Debtors A/c ₦10,000. What is the correct classification of this transaction?
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