POST UTME AL-HIKMAH UNIVERSITY 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A business uses the single-entry system of accounting. The following transactions were recorded during the year:
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 2
A company issued 10,000, 9% debentures of ₦100 each at a discount of 5%. Calculate the amount of discount on the debentures.
A. ₦50,000
B. ₦75,000
C. ₦90,000
D. ₦100,000
Question 3
A partnership is formed between two individuals, A and B, with a capital of ₦100,000 each. After 6 months, A withdraws ₦20,000 and B adds ₦15,000. Calculate the new capital of the partnership.
A. ₦115,000
B. ₦120,000
C. ₦125,000
D. ₦130,000
Question 4
A company's balance sheet shows the following: Assets ₦500,000, Liabilities ₦200,000, and Equity ₦300,000. What is the return on equity (ROE) percentage?
A. 20%
B. 30%
C. 40%
D. 50%
Question 5
A company's income statement shows the following: Sales ₦500,000, Cost of Goods Sold ₦300,000, Gross Profit ₦200,000, Operating Expenses ₦100,000, and Net Income ₦100,000. What is the operating profit margin percentage?
A. 20%
B. 30%
C. 40%
D. 50%
Question 6
In a partnership account, the capital of a partner who leaves the business is transferred to the remaining partners in the ratio of their existing capitals. If the capital of the remaining partners is in the ratio 3:5 and the partner who leaves has a capital of ₦150,000, what is the total capital of the remaining partners?
A. ₦250,000
B. ₦375,000
C. ₦450,000
D. ₦525,000
Question 7
A company issued 10,000 shares of 5 par value at a premium of 2 per share. The shares were sold for 7 each. Calculate the total amount received from the sale of shares.
A. ₦70,000
B. ₦80,000
C. ₦90,000
D. ₦100,000
Question 8
A company issues 5,000 debentures of ₦100 each at a premium of ₦10 per debenture. If the company receives a total of ₦600,000, calculate the amount of premium received.
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 9
A company has the following transactions: Purchase of goods for ₦250,000, Sales of goods for ₦400,000, Purchase of equipment for ₦150,000, and Payment of wages for ₦75,000. Prepare a simple ledger account for the company.
A. Debit: ₦250,000, Credit: ₦425,000
B. Debit: ₦400,000, Credit: ₦275,000
C. Debit: ₦400,000, Credit: ₦425,000
D. Debit: ₦250,000, Credit: ₦275,000
Question 10
A public sector organization has a cash book balance of ₦500,000 and a bank statement balance of ₦550,000. The bank reconciliation statement shows a difference of ₦20,000 due to outstanding cheques. Calculate the difference due to bank errors.
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 11
A company issues 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company receives a total of ₦1,800,000, calculate the amount of premium received.
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 12
A company's trial balance as at 31st December 2022 is as follows: Sales: ₦5,000,000; Cost of Goods Sold: ₦3,500,000; Operating Expenses: ₦1,200,000. What is the total value of the assets?
A. ₦8,700,000
B. ₦9,000,000
C. ₦9,300,000
D. ₦9,600,000
Question 13
A partnership agreement requires that profits be shared in the ratio 2:3:4. If the total profit for the year is ₦120,000, how much will each partner receive?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 14
A company uses the straight-line method of depreciation. If the cost of an asset is ₦120,000 and its useful life is 5 years, what is the annual depreciation charge?
A. ₦24,000
B. ₦20,000
C. ₦25,000
D. ₦30,000
Question 15
A company issues 10,000 debentures of ₦100 each at a premium of ₦10 per debenture. Calculate the total amount received from the issue of debentures.
A. ₦1,000,000
B. ₦1,050,000
C. ₦1,100,000
D. ₦1,150,000

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