POST UTME ABU 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's cash book shows a credit balance of ₦500,000 in the cash account. However, the bank statement shows a debit balance of ₦200,000. What is the correct balance in the cash account?
A. ₦300,000
B. ₦700,000
C. ₦1,200,000
D. ₦1,500,000
Question 2
A company prepares a balance sheet. The following accounts are listed: Cash ₦500,000, Accounts Payable ₦200,000. What is the total of the balance sheet?
A. ₦700,000
B. ₦800,000
C. ₦900,000
D. ₦1,000,000
Question 3
A company uses the self-balancing ledger system. The ledger shows a debit balance of ₦500,000 in the trading account. What is the corresponding credit balance in the capital account?
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 4
A manufacturing company has the following costs associated with the production of a product:
A. Direct Materials 10,000, Direct Labor 5,000, Manufacturing Overhead 3,000
B. Direct Materials 5,000, Direct Labor 10,000, Manufacturing Overhead 3,000
C. Direct Materials 10,000, Direct Labor 3,000, Manufacturing Overhead 5,000
D. Direct Materials 5,000, Direct Labor 3,000, Manufacturing Overhead 10,000
Question 5
A company has the following financial statements: Income Statement, Balance Sheet. The company has net income of 50,000 and retained earnings of 100,000. What is the company's total equity?
A. 150,000
B. 100,000
C. 50,000
D. 200,000
Question 6
A government agency is responsible for the collection of taxes. The agency's budget for the year is as follows: tax revenue ₦10,000,000, salaries ₦5,000,000, and other expenses ₦2,000,000. What is the total budget for the year?
A. ₦17,000,000
B. ₦17,000,000
C. ₦17,000,000
D. ₦17,000,000
Question 7
A company has the following ledger accounts: Cash: ₦100,000, Accounts Receivable: ₦50,000, Inventory: ₦200,000, and Equipment: ₦150,000. What is the total amount of assets?
A. ₦500,000
B. ₦600,000
C. ₦700,000
D. ₦800,000
Question 8
A company has the following transactions: Purchased office supplies for 1,000, Issued common stock for 10,000, Paid salaries 5,000. Prepare the journal entries for these transactions.
A. Debit Office Supplies 1,000, Credit Cash 1,000
B. Debit Cash 10,000, Credit Common Stock 10,000
C. Debit Salaries Expense 5,000, Credit Cash 5,000
D. Debit Office Supplies 1,000, Credit Cash 1,000, Debit Salaries Expense 5,000, Credit Cash 5,000
Question 9
A company's profit and loss statement shows net sales of ₦50,000,000 and cost of goods sold of ₦30,000,000. What is the company's gross profit?
A. ₦20,000,000
B. ₦20,000,000
C. ₦20,000,000
D. ₦20,000,000
Question 10
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The shares were sold for 5 each. Prepare the journal entry to record the issue of these shares.
A. Debit Cash 50,000, Credit Common Stock 40,000, Credit Paid-in Capital in Excess of Par Value 10,000
B. Debit Common Stock 40,000, Credit Paid-in Capital in Excess of Par Value 10,000, Credit Cash 50,000
C. Debit Common Stock 40,000, Credit Paid-in Capital in Excess of Par Value 10,000, Debit Cash 50,000
D. Debit Paid-in Capital in Excess of Par Value 10,000, Credit Common Stock 40,000, Credit Cash 50,000
Question 11
A company issued 10,000, 8% debentures of ₦50 each at a premium of 10%. Calculate the amount received from debenture holders and the amount of premium.
A. ₦500,000
B. ₦510,000
C. ₦520,000
D. ₦530,000
Question 12
A government agency prepares a trial balance. The following accounts are listed: Cash ₦500,000, Accounts Payable ₦200,000. What is the total of the trial balance?
A. ₦700,000
B. ₦800,000
C. ₦900,000
D. ₦1,000,000
Question 13
A company's balance sheet shows a current asset of ₦2,000,000 and a non-current asset of ₦3,000,000. What is the total asset value?
A. ₦5,000,000
B. ₦6,000,000
C. ₦7,000,000
D. ₦8,000,000
Question 14
A company's cash book shows a balance of ₦120,000. The bank statement shows a balance of ₦150,000. The company's cash book also shows a debit balance of ₦30,000 in the bank column. What is the correct balance of the company's cash book after reconciliation?
A. ₦170,000
B. ₦180,000
C. ₦190,000
D. ₦200,000
Question 15
A company's trial balance shows a debit balance of ₦500,000 in the account 'Rent Received' and a credit balance of ₦200,000 in the account 'Rent Paid'. What is the correct journal entry to correct this error?
A. ₦300,000 debit to Rent Paid and ₦300,000 credit to Rent Received
B. ₦700,000 debit to Rent Received and ₦500,000 credit to Rent Paid
C. ₦200,000 debit to Rent Paid and ₦200,000 credit to Rent Received
D. ₦500,000 debit to Rent Paid and ₦300,000 credit to Rent Received

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