POST UTME AAUA 2024 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's balance sheet as at 31st December 2023 shows the following: Share capital ₹5,000,000, Retained earnings ₹3,000,000, and Accumulated depreciation ₹1,500,000. Calculate the company's net worth.
A. ₦8,500,000
B. ₦9,000,000
C. ₦9,500,000
D. ₦10,000,000
Question 2
A company's trading account for the year ended 31st December 2023 shows a profit of ₦1,500,000. The balance on the debit side of the cash book is ₦2,500,000 and the balance on the credit side is ₦3,000,000. The bank statement shows a balance of ₦2,800,000. The bank reconciliation statement shows a difference of ₦50,000 due to an outstanding cheque. Calculate the bank's interest on the overdraft for the year.
A. ₦15,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 3
A company has a capital of ₦300,000 and a loss of ₦100,000. Calculate the new capital.
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 4
A company has the following balance sheet as at 31st December 2023.
A. Debit Share Capital £ 100,000, Credit Share Premium £ 20,000
B. Debit Share Capital £ 100,000, Credit Share Premium £ 10,000
C. Debit Share Capital £ 100,000, Credit Share Premium £ 30,000
D. Debit Share Capital £ 100,000, Credit Share Premium £ 40,000
Question 5
A company's trial balance shows the following accounts: Accounts Payable ₦200,000, Accounts Receivable ₦150,000, and Sales Revenue ₦500,000. What is the company's net income?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 6
A company uses the single-entry system of accounting. Prepare the journal entry to record the following transaction: Sale of goods for 10,000.
A. Debit Sales 10,000, Credit Cash 10,000
B. Debit Cash 10,000, Credit Sales 10,000
C. Debit Sales 10,000, Credit Purchases 10,000
D. Debit Purchases 10,000, Credit Sales 10,000
Question 7
A company has the following transactions: Purchased goods for ₦50,000 on credit; Sold goods for ₦75,000 on credit; Purchased equipment for ₦20,000 in cash. Prepare the journal entries.
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 8
A company's control account shows the following transactions: Debit ₦100,000, Credit ₦150,000. What is the company's net change in the control account?
A. ₦50,000
B. ₦100,000
C. ₦150,000
D. ₦200,000
Question 9
A company has the following trial balance as at 31st December 2023.
A. Debit Sales £ 100,000, Credit Sales Returns £ 5,000
B. Debit Sales £ 105,000, Credit Sales Returns £ 5,000
C. Debit Sales £ 100,000, Credit Sales Returns £ 10,000
D. Debit Sales £ 105,000, Credit Sales Returns £ 10,000
Question 10
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. Calculate the total amount received from the issue of shares.
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 11
A trader purchases goods for ₦150,000 and sells them for ₦200,000. Calculate the gross profit.
A. ₦25,000
B. ₦30,000
C. ₦35,000
D. ₦40,000
Question 12
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The proceeds from the issue of shares were credited to a share capital account. Prepare the journal entry to record the issue of shares.
A. Debit Share Capital 30,000, Credit Cash 30,000
B. Debit Share Capital 30,000, Credit Share Premium 30,000
C. Debit Share Premium 30,000, Credit Cash 30,000
D. Debit Share Capital 30,000, Credit Share Premium 30,000
Question 13
A company issued 10,000 shares of 50% cumulative preference shares at ₦10 per share. The company also issued 50,000 ordinary shares at ₦5 per share. Calculate the total amount received from the issue of shares.
A. ₦500,000
B. ₦600,000
C. ₦700,000
D. ₦800,000
Question 14
A company's trading account showed a profit of 20,000. The accountant discovered that a 5,000 expense was omitted from the ledger. Prepare the journal entry to correct the error.
A. Debit Profit 5,000, Credit Expenses 5,000
B. Debit Expenses 5,000, Credit Profit 5,000
C. Debit Profit 5,000, Credit Profit 5,000
D. Debit Expenses 5,000, Debit Profit 5,000
Question 15
A company has the following balance sheet: | Assets | ₦100,000 | | Liabilities | ₦80,000 | | Capital | ₦20,000 | What is the ratio of capital to liabilities?
A. 1:2
B. 2:1
C. 1:4
D. 4:1

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub: