POST UTME AL-HIKMAH UNIVERSITY 2018 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company uses the straight-line method of depreciation. The asset has a useful life of 5 years and a residual value of ₦20,000. If the asset cost ₦100,000, what is the annual depreciation charge?
A. ₦16,000
B. ₦18,000
C. ₦20,000
D. ₦22,000
Question 2
A company's bank reconciliation statement as at 31st December 20X8 is as follows:
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 3
A company's cash book shows the following transactions for the month of January:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 4
A company uses the single-entry system of accounting. The company's cash book shows the following transactions for the month of January:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 5
A company uses the straight-line method to depreciate its assets. The asset cost ₦120,000 and has a useful life of 5 years. Calculate the annual depreciation for the first 3 years.
A. ₦24,000
B. ₦30,000
C. ₦36,000
D. ₦42,000
Question 6
A company's bank statement shows the following transactions: ₦5,000 deposited by customers; ₦3,000 paid to suppliers; ₦2,000 paid to employees. Prepare the bank reconciliation statement.
A. ₦5,000
B. ₦3,000
C. ₦2,000
D. ₦4,000
Question 7
A company's depreciation policy is to depreciate its assets by 10% per annum. If the asset was valued at ₦100,000 at the beginning of the year, what will be its value at the end of the year?
A. ₦90,000
B. ₦80,000
C. ₦70,000
D. ₦60,000
Question 8
A company's bank reconciliation statement for the year ended 31st December 2022, showed the following discrepancies:
A. ₦1,200,000
B. ₦1,500,000
C. ₦1,800,000
D. ₦2,000,000
Question 9
A company's cash book for the year ended 31st December 2022, showed the following transactions:
A. ₦1,200,000
B. ₦1,500,000
C. ₦1,800,000
D. ₦2,000,000
Question 10
A company's asset valuation policy is as follows:
A. ₦100,000
B. ₦200,000
C. ₦300,000
D. ₦400,000
Question 11
In a partnership with a 60% interest, A and B share profits and losses in the ratio 5:3. If the total profit for the year is ₦1,500,000, what is A's share of the profit?
A. ₦450,000
B. ₦525,000
C. ₦600,000
D. ₦675,000
Question 12
A company has the following trial balance: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦10,000 | | | Accounts Payable | | ₦5,000 | | Sales Revenue | | ₦15,000 | | Cost of Goods Sold | ₦8,000 | | What is the correct balance of the Sales Revenue account?
A. ₦15,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 13
A company issued 10,000 9% debentures of ₦100 each on January 1, 2018. The debentures are redeemable at par on January 1, 2023. Interest is payable half-yearly on June 30 and December 31. Calculate the interest payable on December 31, 2018.
A. ₦45,000
B. ₦90,000
C. ₦45,000
D. ₦90,000
Question 14
A manufacturing company produces two products, X and Y. Product X requires 2 hours of direct labor and Product Y requires 3 hours of direct labor. If the company works 40 hours a week, how many units of Product X can be produced if 80% of the total production is Product X?
A. 60 units
B. 80 units
C. 100 units
D. 120 units
Question 15
A company uses the weighted average method to value its inventory. If the total cost of the inventory is ₦1,200,000 and the total number of units is 1,000, what is the cost per unit?
A. ₦1,200
B. ₦1,200.00
C. ₦1,200.00
D. ₦1,200.00

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