POST UTME BELLS UNIVERSITY 2020 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company uses the FIFO method of inventory valuation. If the company purchases 100 units of inventory at ₦10 each and 50 units at ₦15 each, what is the cost of goods sold if the company sells 120 units?
A. ₦1,200
B. ₦1,500
C. ₦1,800
D. ₦2,100
Question 2
The following trial balance was extracted from the records of XYZ Ltd. at 31st December 2022. Prepare the company's balance sheet as at that date.
A. ₦125,000
B. ₦150,000
C. ₦175,000
D. ₦200,000
Question 3
A company's balance sheet as at 31st December 20X7 is as follows: Share Capital: ₦500,000; Reserves: ₦300,000. Calculate the total amount of capital employed by the company.
A. ₦800,000
B. ₦900,000
C. ₦1,000,000
D. ₦1,100,000
Question 4
A company's balance sheet shows the following: Share Capital: ₦500,000; Retained Earnings: ₦200,000. What is the total equity of the company?
A. ₦700,000
B. ₦700,000 credit
C. ₦700,000 debit
D. ₦700,000
Question 5
A company issued 10,000, 5% preference shares of ₦10 each at a premium of ₦2 per share. Calculate the amount received from preference shareholders.
A. ₦200,000
B. ₦210,000
C. ₦220,000
D. ₦230,000
Question 6
A company uses the incomplete records method to record its transactions. The company has the following information: Cash = ₦30,000, Accounts Payable = ₦15,000, and Common Stock = ₦50,000. If the company has a balance of ₦20,000 in the Accounts Receivable account, what is the total amount of assets that the company has?
A. ₦70,000
B. ₦80,000
C. ₦90,000
D. ₦100,000
Question 7
A company's cash book shows the following transactions: Cash received from customers: ₦100,000; Cash paid to suppliers: ₦80,000. What is the net cash inflow from customers?
A. ₦20,000
B. ₦20,000 credit
C. ₦20,000 debit
D. ₦20,000
Question 8
A company's trial balance shows the following: Debitors: ₦100,000; Creditors: ₦80,000. What is the net current asset position of the company?
A. ₦20,000
B. ₦20,000 credit
C. ₦20,000 debit
D. ₦20,000
Question 9
A company uses a self-balancing ledger to record its transactions. The ledger has the following accounts: Cash, Accounts Payable, Accounts Receivable, and Common Stock. If the company has a balance of ₦50,000 in the Cash account and a balance of ₦20,000 in the Accounts Payable account, what is the total amount of assets that the company has?
A. ₦70,000
B. ₦80,000
C. ₦90,000
D. ₦100,000
Question 10
A company uses the following single-entry system: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 01/01 | Cash received from customers | | ₦200,000 | | 02/01 | Cash paid to suppliers | ₦150,000 | | | 03/01 | Cash received from bank | | ₦180,000 | | 04/01 | Cash paid to employees | ₦120,000 | | What is the total amount of cash received?
A. ₦380,000
B. ₦400,000
C. ₦420,000
D. ₦440,000
Question 11
A company's trading account for the year ended 31st December 20X7 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000. Calculate the gross profit for the year.
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 12
A company's trading account for the year ended 31st December 20X7 is as follows: Sales: ₦1,500,000; Purchases: ₦1,200,000. Calculate the gross profit for the year.
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 13
The following are the details of the equity of XYZ Ltd. at 31st December 2022.
A. ₦25,000
B. ₦50,000
C. ₦75,000
D. ₦100,000
Question 14
The following are the details of the self-balancing ledger of XYZ Ltd. for the year ended 31st December 2022.
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 15
A company issued 10,000, 5% preference shares of ₦10 each at a premium of ₦2 per share. Calculate the total amount received from the issue of the preference shares.
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000

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