POST UTME AL-HIKMAH UNIVERSITY 2022 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following errors in its ledger: (i) a credit of ₦1,000 was posted to the debit side of the cash account, and (ii) a debit of ₦500 was posted to the credit side of the debtors account. Correct the errors and prepare the corrected trial balance.
A. ₦1,250,000
B. ₦1,300,000
C. ₦1,350,000
D. ₦1,400,000
Question 2
A firm's profit for the year ended 31st December 2022 was ₠ 1,200,000. If the firm's capital was ₠ 800,000 and the drawings were ₠ 120,000, what was the firm's net profit?
A. ₠ 1,200,000
B. ₠ 1,080,000
C. ₠ 1,440,000
D. ₠ 1,560,000
Question 3
The following is the balance sheet of XYZ Ltd. as at 31st December 2021.
A. ₦1,000,000
B. ₦1,250,000
C. ₦1,500,000
D. ₦1,750,000
Question 4
The following is the cash book of XYZ Ltd. for the year ended 31st December 2021.
A. ₦75,000
B. ₦100,000
C. ₦125,000
D. ₦150,000
Question 5
A company uses the self-balancing ledger system. The ledger has the following accounts: Cash, Accounts Payable, and Sales Revenue. What is the purpose of the Sales Revenue account?
A. To record cash received from customers
B. To record cash paid to suppliers
C. To record sales revenue
D. To record purchases made by the company
Question 6
A company issues 10,000, 10% debentures of ₦100 each at a premium of 10%. The debentures are redeemable at the end of 5 years. Prepare the journal entries for the following transactions: (i) issue of debentures, (ii) interest on debentures for the first year, and (iii) redemption of debentures at the end of 5 years.
A. ₦100,000
B. ₦110,000
C. ₦120,000
D. ₦130,000
Question 7
A company issued 5,000 shares of ₠ 10 each at a premium of ₠ 5 per share. Calculate the total amount received from the issue of shares.
A. ₠ 50,000
B. ₠ 52,500
C. ₠ 55,000
D. ₠ 57,500
Question 8
A company's assets were valued at ₠ 500,000. If the company's liabilities were ₠ 200,000, what was the company's net worth?
A. ₠ 300,000
B. ₠ 400,000
C. ₠ 500,000
D. ₠ 600,000
Question 9
The following is the bank reconciliation statement of XYZ Ltd. as at 31st December 2021.
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 10
A company's control account shows the following balances: Cash ₦100,000, Accounts Receivable ₦50,000, and Inventory ₦200,000. Prepare the company's balance sheet.
A. ₦350,000
B. ₦400,000
C. ₦450,000
D. ₦500,000
Question 11
A company issues 1,000 shares of \pm 10 par value at a premium of \pm 5 per share. What is the total amount received from the sale of these shares?
A. \pm 10,000
B. \pm 15,000
C. \pm 20,000
D. \pm 25,000
Question 12
A company uses a self-balancing ledger to record its transactions. The ledger shows the following balances: Sales ₦500,000, Purchases ₦300,000, and Capital ₦200,000. What is the total of the ledger?
A. ₦700,000
B. ₦500,000
C. ₦700,000
D. ₦500,000
Question 13
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦150,000. The difference is due to a bank overdraft of ₦30,000. What is the correct balance in the cash book?
A. ₦150,000
B. ₦120,000
C. ₦180,000
D. ₦90,000
Question 14
A bank reconciliation statement shows a difference of ₦5,000 between the bank statement balance and the cash book balance. What is the possible reason for this difference?
A. Bank charge
B. Interest earned
C. Deposits in transit
D. Cheques issued but not yet presented
Question 15
A firm's cash book showed a balance of ₠ 10,000. If the firm's bank statement showed a balance of ₠ 12,000, what was the firm's bank overdraft?
A. ₠ 2,000
B. ₠ 4,000
C. ₠ 6,000
D. ₠ 8,000

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