POST UTME ACHIEVERS UNIVERSITY 2023 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's balance sheet shows total assets of ₦500,000 and total liabilities of ₦300,000. Calculate the company's net worth.
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 2
A company issued 5,000 shares of £ 1 each at a premium of £ 0.50 per share. The issue expenses were £ 2,000. Prepare the journal entry for the issue of shares.
A. Debit Share Capital £ 5,000, Credit Share Premium £ 2,500, Credit Issue Expenses £ 2,000
B. Debit Share Capital £ 5,000, Credit Share Premium £ 2,500
C. Debit Share Capital £ 5,000, Credit Issue Expenses £ 2,000
D. Debit Share Premium £ 2,500, Credit Issue Expenses £ 2,000
Question 3
A firm has two partners, A and B, who share profits in the ratio 3:2. The capital of A is ₦60,000 and that of B is ₦40,000. Calculate the profit-sharing ratio of A and B.
A. 3:2
B. 2:3
C. 4:3
D. 5:4
Question 4
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦ 1,000 | | | 15 Jan | Bank | | ₦ 500 | | 20 Jan | Cash | ₦ 800 | | | 25 Jan | Bank | | ₦ 1,200 | Prepare the bank reconciliation statement.
A. ₦ 1,500
B. ₦ 1,800
C. ₦ 2,000
D. ₦ 2,200
Question 5
A business has an incomplete record of its transactions. The following information is available: | Date | Debit | Credit | | --- | --- | --- | | 1 Jan | ₦ 1,000 | | | 15 Jan | | ₦ 500 | | 20 Jan | ₦ 800 | | | 25 Jan | | ₦ 1,200 | Determine the missing amounts.
A. ₦ 1,500
B. ₦ 1,800
C. ₦ 2,000
D. ₦ 2,200
Question 6
A company issued 5,000 shares of 1 par value at a premium of 2 per share. The shares were sold for 4 each. Calculate the total amount received from the sale of shares.
A. ₦20,000,000
B. ₦25,000,000
C. ₦30,000,000
D. ₦35,000,000
Question 7
A company's control account for Accounts Payable is ₦50,000. The subsidiary ledger shows the following transactions: January 1, 2023, ₦30,000; January 15, 2023, ₦20,000; February 1, 2023, ₦10,000. What is the balance in the control account?
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000
Question 8
A company uses the cash book to record its transactions. The cash book shows a debit balance of ₦50,000. The bank statement shows a credit balance of ₦30,000. What is the correct balance of the company's cash account?
A. ₦20,000
B. ₦30,000
C. ₦50,000
D. ₦80,000
Question 9
A company uses the straight-line method of depreciation. The cost of the asset is ₦200,000, and its useful life is 5 years. What is the annual depreciation charge?
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦80,000
Question 10
A government agency has the following transactions: January 1, 2023, received ₦100,000 in cash; January 15, 2023, spent ₦50,000 on office supplies; February 1, 2023, received ₦20,000 in cash. What is the total amount of assets?
A. ₦70,000
B. ₦80,000
C. ₦90,000
D. ₦100,000
Question 11
A company has the following transactions: Purchased office supplies for ₦10,000, Sold goods for ₦50,000, and Paid salaries ₦20,000. Prepare a journal entry for the company.
A. {\begin{tabular}{|l|l|} Office Supplies & ₦10,000 \\ Sales Revenue & ₦50,000 \\ Salaries Expense & ₦20,000 \\ \end{tabular}}
B. {\begin{tabular}{|l|l|} Office Supplies & ₦10,000 \\ Sales Revenue & ₦50,000 \\ Salaries Expense & ₦20,000 \\ \end{tabular}}
C. {\begin{tabular}{|l|l|} Office Supplies & ₦10,000 \\ Sales Revenue & ₦50,000 \\ Salaries Expense & ₦20,000 \\ \end{tabular}}
D. {\begin{tabular}{|l|l|} Office Supplies & ₦10,000 \\ Sales Revenue & ₦50,000 \\ Salaries Expense & ₦20,000 \\ \end{tabular}}
Question 12
A company uses the double-entry system of accounting. The following transactions were recorded during the year:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 13
A company uses the perpetual inventory system. On January 1, 2023, it had 500 units of a product in stock, costing ₦120 each. During the year, 300 units were sold, and 200 units were purchased at ₦130 each. Calculate the cost of goods sold for the year.
A. ₦36,000
B. ₦38,000
C. ₦40,000
D. ₦42,000
Question 14
A firm has two partners, A and B, who share profits in the ratio 2:3. The capital of A is ₦30,000 and that of B is ₦45,000. Calculate the profit-sharing ratio of A and B.
A. 2:3
B. 3:2
C. 4:3
D. 5:4
Question 15
A company's trial balance showed the following balances: Accounts Payable £ 10,000, Accounts Receivable £ 5,000, Sales Revenue £ 20,000, Cost of Goods Sold £ 15,000. Prepare the income statement.
A. Sales Revenue £ 20,000, Cost of Goods Sold £ 15,000, Net Income £ 5,000
B. Sales Revenue £ 20,000, Cost of Goods Sold £ 15,000, Net Income £ 5,000
C. Sales Revenue £ 20,000, Cost of Goods Sold £ 15,000, Net Income £ 5,000
D. Sales Revenue £ 20,000, Cost of Goods Sold £ 15,000, Net Income £ 5,000

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