All practice questions

On a regional map (Map X), a straight stretch of a major highway between two towns measures $15\text{ cm}$. Map X is drawn to a statement scale of $1\text{ cm to } 2\text{ km}$. If Map X is reduced to produce Map Y such that Map Y has a Representative Fraction (RF) scale of $1 : 500,000$, what is the measured length of the same highway on Map Y?

Kibo Manufacturing Company transfers finished goods from the factory to the trading account at cost plus a $20\%$ mark-up. At the end of the financial year, the following inventory balances were extracted from the books:

- Raw Materials Inventory: $₦62,000$
- Work-in-Progress Inventory: $₦38,000$
- Finished Goods Inventory (at transfer value): $₦120,000$

What is the total net carrying amount (in $₦$) of manufacturing inventories to be presented under Current Assets in the Statement of Financial Position?

The trial balance of Danladi Commercial Ventures as at 31st December 2025 shows Trade Debtors of $\text{₦}180,000$. Additional information reveals that bad debts of $\text{₦}10,000$ are to be written off, a provision for doubtful debts is to be maintained at $5\%$ on the remaining debtors, and a provision for discount on debtors of $2\%$ is to be established. What is the net Trade Debtors balance to be presented in the Statement of Financial Position?

Which of the following describes the primary accounting advantage of using Electronic Data Interchange (EDI) for transacting business-to-business (B2B) purchases over traditional manual ordering systems?

Adebayo and Okon are partners sharing profits and losses in the ratio $3:2$. On the dissolution of their partnership, the book value of non-cash assets transferred to the Realization Account was $₦180,000$, while trade creditors stood at $₦40,000$. The assets realized $₦195,000$, and dissolution expenses of $₦5,000$ were paid. Creditors were settled at a $5\%$ discount. What is Adebayo's share of the profit on realization in Naira ($₦$)?

Alhassan & Co. consigned $500$ units of goods valued at $\text{₦}1,500$ each to Chukwu & Sons. Alhassan & Co. paid $\text{₦}50,000$ for carriage and insurance. Chukwu & Sons sold $400$ units at $\text{₦}2,200$ per unit, paying clearing charges of $\text{₦}25,000$ and selling expenses of $\text{₦}15,000$. Chukwu & Sons is entitled to an ordinary commission of $5\%$ and a del-credere commission of $2.5\%$ on total sales. During the period, credit customers defaulted on a payment of $\text{₦}18,000$.

What is the net amount due from Chukwu & Sons to be shown in the Consignee's Personal Account in Alhassan & Co.'s books?

Match each dependent branch transaction (recorded at cost price) with its corresponding double-entry posting in the Head Office ledger.

Ade, a sole proprietor, reported an initial net profit of $₦420,000$ for the financial year. An audit revealed that goods taken by Ade for private use costing $₦60,000$ (with a retail selling price of $₦75,000$) were mistakenly recorded in the Sales Journal at selling price, instead of being treated as drawings of goods at cost price. What is the correct net profit for the year in Naira?

A branch received goods from its head office invoiced at $\text{₦}75,000$, which includes a profit margin of $20\%$ on the selling price. If one-third of these goods remain unsold at the end of the period, what is the amount of stock reserve (unrealized profit) needed for the closing inventory?

Which of the following landlocked African nations is traversed by both the Prime Meridian ($0^\circ$ longitude) and the Tropic of Cancer ($23.5^\circ\text{N}$)?

Apex Manufacturing Enterprise recorded the following closing inventory balances at the end of its trading period:
- Raw materials inventory: $\text{₦}15{}000$
- Work-in-progress inventory: $\text{₦}10{}000$
- Finished goods inventory: $\text{₦}25{}000$

A provision for unrealized profit of $\text{₦}2{}500$ was created on the finished goods inventory.

What is the total value of manufacturing inventories (in $\text{₦}$) to be presented under current assets in the statement of financial position?

Tunde Enterprises extracted a trial balance at year-end showing Purchases of $\text{₦}450,000$ and Opening Inventory of $\text{₦}60,000$. Closing Inventory was valued at $\text{₦}80,000$. During the financial period, the proprietor withdrew goods costing $\text{₦}25,000$ (with a retail selling price of $\text{₦}35,000$) for private use, but no entry was made in the accounting books. What is the corrected Cost of Goods Sold for the period in Naira?

Danbatta Manufacturing Company transfers finished goods from its factory to its retail shop at a transfer price that includes a mark-up of $25\%$ on manufacturing cost. At the end of the accounting year on 31 December 2025, the entity's records show:

- Finished goods inventory (1 January 2025 at transfer price): $\text{₦}60,000$
- Finished goods inventory (31 December 2025 at transfer price): $\text{₦}100,000$

What is the net adjustment (increase in provision for unrealized profit) to be debited to the Profit and Loss Account for the year ended 31 December 2025?

An organization's computerized accounting system suffered a ransomware attack that corrupted its general ledger files. Although the firm performed daily automated backups to an offsite server, the IT department discovered during recovery that the backup files were corrupted and unreadable. Which data security procedure would have BEST ensured that the accounting financial data could be successfully restored following such an attack?

A straight road connecting a farm settlement to a regional market town measures $8.5\text{ cm}$ on a map with a scale of $1 : 20,000$. What is the actual ground distance between the two locations in kilometers?

Environmental conservation permits the planned and sustainable utilization of natural resources to meet present human needs while maintaining ecological balance, whereas environmental preservation seeks to keep natural environments completely untouched by human exploitation.

Arrange the following geographical locations in order of INCREASING daylight duration (from shortest day length to longest day length) during the June Solstice (June 21st).

During an organizational review of a trading company, duties are segregated between clerical bookkeepers and administrative accountants. Which of the following tasks strictly falls under the domain of accounting rather than bookkeeping?

Emeka Enterprises extracted a Trial Balance on 31 December 2025 showing Purchases of $\text{₦}450,000$ and Sales of $\text{₦}720,000$. Before closing the books, it was discovered that inventory costing $\text{₦}30,000$ (with a retail selling price of $\text{₦}45,000$) withdrawn by the proprietor for personal use had been mistakenly recorded in the Sales Journal as a credit sale to a customer. What are the corrected figures for Purchases and Sales to be presented in the Trading Account?

A solar eclipse reaches maximum totality in Town P, located at longitude $15^\circ\text{W}$, at $11:20\text{ AM}$ local time. What is the local time in Town Q, located at longitude $45^\circ\text{E}$, at that exact moment?