POST UTME AL-HIKMAH UNIVERSITY 2024 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's trading account shows a profit of ₦200,000. The profit and loss account shows a loss of ₦50,000. The balance sheet shows a decrease in assets of ₦100,000. Calculate the total equity.
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 2
A company's trial balance shows the following balances: Accounts Payable ₦150,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Net Income ₦100,000. What is the correct order of the accounts in the trial balance?
A. Accounts Payable, Sales Revenue, Cost of Goods Sold, Net Income
B. Sales Revenue, Cost of Goods Sold, Accounts Payable, Net Income
C. Cost of Goods Sold, Accounts Payable, Sales Revenue, Net Income
D. Net Income, Accounts Payable, Sales Revenue, Cost of Goods Sold
Question 3
A company uses the single-entry system of accounting. The company's cash book shows a debit balance of ₦80,000. The company's bank statement shows a credit balance of ₦100,000. What is the correct journal entry to rectify the discrepancy?
A. Debit Cash A/c ₦20,000, Credit Bank A/c ₦20,000
B. Debit Bank A/c ₦20,000, Credit Cash A/c ₦20,000
C. Debit Cash A/c ₦20,000, Credit Bank A/c ₦20,000
D. Debit Bank A/c ₦20,000, Credit Cash A/c ₦20,000
Question 4
The following transactions occurred during the month of January: (a) purchased office equipment for ₦50,000, (b) sold goods for ₦100,000, (c) paid salaries of ₦20,000. Prepare the journal entries for these transactions.
A. Debit Office Equipment ₦50,000, Credit Cash ₦50,000
B. Debit Cash ₦100,000, Credit Sales ₦100,000
C. Debit Salaries ₦20,000, Credit Cash ₦20,000
D. Debit Office Equipment ₦50,000, Credit Sales ₦50,000
Question 5
The following transactions occurred during the month of January: (a) purchased office equipment for ₦50,000, (b) sold goods for ₦100,000, (c) paid salaries of ₦20,000. Prepare the journal entries for these transactions.
A. Debit Office Equipment ₦50,000, Credit Cash ₦50,000
B. Debit Cash ₦100,000, Credit Sales ₦100,000
C. Debit Salaries ₦20,000, Credit Cash ₦20,000
D. Debit Office Equipment ₦50,000, Credit Sales ₦50,000
Question 6
A company's cash book shows a debit balance of ₦120,000. The company's bank statement shows a credit balance of ₦150,000. The difference between the two balances is due to a dishonored cheque of ₦20,000. What is the correct journal entry to rectify the discrepancy?
A. Debit Cash A/c ₦20,000, Credit Bank A/c ₦20,000
B. Debit Bank A/c ₦20,000, Credit Cash A/c ₦20,000
C. Debit Cash A/c ₦20,000, Credit Bank A/c ₦20,000
D. Debit Bank A/c ₦20,000, Credit Cash A/c ₦20,000
Question 7
A company uses the single entry system of accounting. The following transactions are recorded in the journal: 'Sale of goods for ₦50,000', 'Purchase of goods for ₦30,000', and 'Payment of wages ₦20,000'. What is the total value of the company's assets?
A. ₦80,000
B. ₦100,000
C. ₦120,000
D. ₦140,000
Question 8
A company uses the single entry system to record its transactions. The company's ledger shows a debit balance of ₦30,000 in the account 'Office Equipment' and a debit balance of ₦20,000 in the account 'Depreciation Expense'. What is the correct journal entry to record the depreciation of the office equipment?
A. Debit Office Equipment ₦30,000, Credit Depreciation Expense ₦30,000
B. Debit Depreciation Expense ₦30,000, Credit Office Equipment ₦30,000
C. Debit Office Equipment ₦20,000, Credit Depreciation Expense ₦20,000
D. Debit Depreciation Expense ₦20,000, Credit Office Equipment ₦20,000
Question 9
A company's cash book shows a debit balance of ₦120,000. The bank statement shows a credit balance of ₦150,000. The difference between the two balances is due to a dishonored cheque of ₦20,000. What is the correct journal entry to rectify the discrepancy?
A. Debit Cash A/c ₦20,000, Credit Bank A/c ₦20,000
B. Debit Bank A/c ₦20,000, Credit Cash A/c ₦20,000
C. Debit Cash A/c ₦20,000, Credit Bank A/c ₦20,000
D. Debit Bank A/c ₦20,000, Credit Cash A/c ₦20,000
Question 10
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦10,000 | | | 2 Jan | Bank | | ₦15,000 | | 3 Jan | Cash | | ₦20,000 | | 4 Jan | Bank | ₦5,000 | | | 5 Jan | Cash | | ₦25,000 | What is the bank balance on 5 Jan?
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 11
A company issues 1,000 shares of ₦10 each at a premium of ₦5. Calculate the total amount received.
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 12
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | ₦10,000 | | | 2 Jan | Bank | | ₦15,000 | | 3 Jan | Cash | | ₦20,000 | | 4 Jan | Bank | ₦5,000 | | | 5 Jan | Cash | | ₦25,000 | What is the cash balance on 5 Jan?
A. ₦10,000
B. ₦15,000
C. ₦20,000
D. ₦25,000
Question 13
A company's bank reconciliation statement shows the following discrepancies: a missing deposit of ₦20,000, an NSF check of ₦15,000, and an outstanding check of ₦10,000. What is the corrected cash balance?
A. ₦50,000
B. ₦55,000
C. ₦60,000
D. ₦65,000
Question 14
A company issues 1,000, 9% debentures of ₦100 each. The debentures are redeemable at a premium of 5%. Calculate the total premium payable.
A. ₦5,000
B. ₦10,000
C. ₦15,000
D. ₦20,000
Question 15
A company uses the double-entry system of accounting. The following transactions occurred during the month of January: Purchased office supplies for ₦10,000, sold goods for ₦50,000, and paid salaries of ₦20,000. Prepare the journal entries for these transactions.
A. Debit Office Supplies ₦10,000, Credit Cash ₦10,000
B. Debit Cash ₦50,000, Credit Sales ₦50,000
C. Debit Salaries ₦20,000, Credit Cash ₦20,000
D. Debit Office Supplies ₦10,000, Credit Sales ₦10,000

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