POST UTME BELLS UNIVERSITY 2025 Accounting | Objective

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Question 1
A company issues 10,000 shares of ₦ 1 each at a premium of ₦ 2 per share. The company's share capital is ₦ 100,000. What is the amount received from the issue of shares?
A. ₦ 100,000
B. ₦ 120,000
C. ₦ 140,000
D. ₦ 160,000
Question 2
A company issues 5,000, 10% debentures of ₦100 each at a discount of 5%. The debentures are redeemable after 5 years. Calculate the amount of interest that will be paid annually on the debentures.
A. ₦25,000
B. ₦50,000
C. ₦75,000
D. ₦100,000
Question 3
A company's assets are valued at ₦ 800,000. The company's liabilities are ₦ 300,000. What is the company's net worth?
A. ₦ 500,000
B. ₦ 600,000
C. ₦ 700,000
D. ₦ 800,000
Question 4
A company's bank statement shows a balance of ₦25,000, but the company's cash book shows a balance of ₦30,000. What is the reason for the discrepancy?
A. Bank charges
B. Interest earned
C. Cheque deposited but not yet credited
D. Cheque issued but not yet debited
Question 5
A company uses the straight-line method of depreciation. The cost of the asset is ₦120,000 and its useful life is 5 years. What is the annual depreciation charge?
A. ₦24,000
B. ₦20,000
C. ₦18,000
D. ₦16,000
Question 6
A company issues 5,000 debentures of ₦100 each at a premium of ₦10 per debenture. Calculate the total amount received from the issue of debentures.
A. ₦525,000
B. ₦550,000
C. ₦575,000
D. ₦600,000
Question 7
A company's assets are valued at ₦ 500,000. The company's liabilities are ₦ 200,000. What is the company's net worth?
A. ₦ 300,000
B. ₦ 400,000
C. ₦ 500,000
D. ₦ 600,000
Question 8
A company's bank statement shows the following transactions: ₦ 5,000 deposit, ₦ 2,000 withdrawal, ₦ 1,000 interest earned, ₦ 500 bank charge. What is the company's bank balance?
A. ₦ 4,500
B. ₦ 5,000
C. ₦ 5,500
D. ₦ 6,000
Question 9
A company has the following balance sheet: Assets: ₦1,000,000 Liabilities: ₦600,000 Equity: ₦400,000 What is the company's debt-to-equity ratio?
A. 1.5
B. 2
C. 2.5
D. 3
Question 10
A company's trial balance shows a debit balance of ₦30,000 in the 'Salaries and Wages' account. What is the correct journal entry to record this transaction?
A. Debit Salaries and Wages ₦30,000, Credit Cash ₦30,000
B. Debit Cash ₦30,000, Credit Salaries and Wages ₦30,000
C. Debit Salaries and Wages ₦30,000, Credit Rent Paid ₦30,000
D. Debit Rent Paid ₦30,000, Credit Salaries and Wages ₦30,000
Question 11
A trader purchases goods on credit for ₦500,000. He sells the goods for ₦700,000 and incurs a bank charge of ₦20,000. Calculate the profit made by the trader.
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000
Question 12
A company has the following transactions: Purchased goods for ₦50,000, sold goods for ₦60,000, and paid wages of ₦10,000. What is the company's net profit?
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 13
A company uses the straight-line method of depreciation. The cost of the asset is ₦180,000 and its useful life is 6 years. What is the annual depreciation charge?
A. ₦30,000
B. ₦25,000
C. ₦22,500
D. ₦20,000
Question 14
A company has the following income statement for the year ended 31st December 2024.
A. Revenue ₢0,000, Expense ₡0,000
B. Revenue ₣0,000, Expense ₢0,000
C. Revenue ₤0,000, Expense ₣0,000
D. Revenue ₥0,000, Expense ₤0,000
Question 15
A company uses the single-entry system. It has the following transactions: Purchased goods for ₦50,000, Sold goods for ₦60,000, and Received cash from customers for ₦40,000. What is the total revenue of the company?
A. ₦60,000
B. ₦70,000
C. ₦80,000
D. ₦90,000

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