POST UTME BABCOCK UNIVERSITY 2021 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's trial balance shows the following balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦50,000 | | | Bank | | ₦60,000 | | Accounts Payable | | ₦30,000 | | Sales Revenue | ₦100,000 | | What is the total assets of the company?
A. ₦100,000
B. ₦120,000
C. ₦150,000
D. ₦180,000
Question 2
A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. The profit-sharing ratio is 3:2. What is the ratio of the profit-sharing ratio to the capital ratio?
A. 3:2
B. 2:3
C. 1:1
D. 4:3
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 also has a bank overdraft of ₦30,000. What is the company's net cash position?
A. ₦50,000
B. ₦50,000.00
C. ₦50,000
D. ₦110,000
Question 4
A company's bank reconciliation statement for the month of January 2022 shows the following discrepancies:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 5
A company's cash book shows a debit balance of ₦20,000. The bank statement shows a credit balance of ₦25,000. The difference between the two balances is ₦5,000. What is the reason for this difference?
A. The company has a loan from the bank.
B. The company has deposited cash into the bank.
C. The company has paid a bill through the bank.
D. The company has received a loan from a shareholder.
Question 6
A company's trial balance shows a debit balance of ₦50,000 for an account called 'Office Equipment'. However, the company's accounting records show that the office equipment has a book value of ₦0. What is the correct journal entry to correct this error?
A. ₦50,000
B. ₦0
C. ₦100,000
D. ₦200,000
Question 7
A firm's cash book shows a balance of ₦50,000. The bank statement shows a balance of ₦60,000. The firm's cash book also shows a debit balance of ₦10,000 in the 'Office Expenses' account. What is the correct balance in the cash book?
A. ₦40,000
B. ₦50,000
C. ₦60,000
D. ₦70,000
Question 8
A business has the following transactions in its cash book: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash received from customers | ₦100,000 | | | 2nd Jan | Cash paid to suppliers | | ₦50,000 | | 3rd Jan | Cash received from bank | | ₦20,000 | | 4th Jan | Cash paid to bank | ₦30,000 | | What is the total cash balance at the end of the month?
A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000
Question 9
A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. The profit-sharing ratio is 3:2. What is the ratio of the profit-sharing ratio to the capital ratio?
A. 3:2
B. 2:3
C. 1:1
D. 4:3
Question 10
A company issues 1,000 shares of ₦10 each at a premium of ₦5 per share. The proceeds from the issue of shares are credited to the 'Share Capital' account. What is the correct journal entry to record the issue of shares?
A. Debit Share Capital ₦10,000, Credit Cash ₦5,000
B. Debit Share Capital ₦10,000, Credit Cash ₦15,000
C. Debit Share Capital ₦15,000, Credit Cash ₦10,000
D. Debit Cash ₦10,000, Credit Share Capital ₦15,000
Question 11
A business has the following transactions in its cash book: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1st Jan | Cash received from customers | ₦100,000 | | | 2nd Jan | Cash paid to suppliers | | ₦50,000 | | 3rd Jan | Cash received from bank | | ₦20,000 | | 4th Jan | Cash paid to bank | ₦30,000 | | What is the total cash balance at the end of the month?
A. ₦80,000
B. ₦90,000
C. ₦100,000
D. ₦110,000
Question 12
A partnership has two partners, A and B. The capital accounts of A and B are ₦100,000 and ₦80,000 respectively. The profit sharing ratio is 3:2. What is the ratio of the capital accounts?
A. 1:1
B. 2:1
C. 3:2
D. 4:3
Question 13
A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. The profit-sharing ratio is 3:2. What is the ratio of the profit-sharing ratio to the capital ratio?
A. 3:2
B. 2:3
C. 1:1
D. 4:3
Question 14
A company's cash book shows the following transactions for the month of January 2022:
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 15
A company's cash book shows a balance of ₦150,000. However, the bank statement shows a balance of ₦120,000. The difference is due to a discrepancy in the cash book. What is the most likely reason for this discrepancy?
A. The company has not recorded a deposit of ₦30,000.
B. The company has not recorded a withdrawal of ₦30,000.
C. The company has not recorded a bank charge of ₦30,000.
D. The company has not recorded a loan of ₦30,000.

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