POST UTME BOWEN UNIVERSITY 2018 Accounting | Objective

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Question 1
A partnership is formed between two individuals, A and B, with a capital of ₦1,000,000. After one year, the profit is ₦500,000. The profit-sharing ratio is 3:2. Calculate the amount of profit that A will receive.
A. ₦300,000
B. ₦400,000
C. ₦500,000
D. ₦600,000
Question 2
A company uses the straight-line method of depreciation. The cost of a machine is ₦120,000 and its residual value is ₦20,000. Calculate the annual depreciation charge.
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 3
A company purchased a machine for ₦200,000. The machine depreciates by 10% per annum. Calculate the value of the machine after 3 years.
A. ₦162,000
B. ₦168,000
C. ₦180,000
D. ₦192,000
Question 4
A manufacturing company produces two products: A and B. Product A requires 2 hours of labor and 3 units of raw material, while Product B requires 3 hours of labor and 2 units of raw material. If the company has 120 hours of labor and 180 units of raw material available, determine the maximum number of units of Product A that can be produced.
A. ( 30
B. ( 40
C. ( 50
D. ( 60
Question 5
A manufacturing company uses the process costing method. The company has two departments: Cutting and Assembly. The Cutting department has a total cost of ₦1,200,000 and the Assembly department has a total cost of ₦1,500,000. If the total production cost for the year is ₦3,000,000, what is the cost per unit for the Cutting department?
A. ₦1,000
B. ₦1,200
C. ₦1,500
D. ₦2,000
Question 6
A company has the following transactions in its manufacturing account for the year ended December 31, 2022: Opening inventory: ₦120,000 Purchases: ₦300,000 Direct labor: ₦150,000 Overheads: ₦100,000 Closing inventory: ₦180,000 Calculate the cost of goods manufactured.
A. ₦620,000
B. ₦630,000
C. ₦640,000
D. ₦650,000
Question 7
A company issued 10,000, 9% debentures of ₦100 each at a discount of 5%. Calculate the amount of discount on the debentures.
A. ₦50,000
B. ₦75,000
C. ₦90,000
D. ₦100,000
Question 8
A company uses the perpetual inventory system. The cost of goods sold is ₦150,000 and the net realizable value of the inventory is ₦80,000. Calculate the cost of goods sold.
A. ₦120,000
B. ₦130,000
C. ₦140,000
D. ₦150,000
Question 9
A company maintains a cash book and bank reconciliation statement. The cash book balance on December 31 is ₦500,000 and the bank statement balance on December 31 is ₦600,000. If the bank reconciliation statement shows a difference of ₦20,000, what is the reason for the difference?
A. Cheque deposited but not credited
B. Cheque issued but not presented
C. Bank charge not recorded
D. Interest earned on bank balance
Question 10
A company has the following ledger accounts: Purchases (₦50,000), Sales (₦60,000), and Cost of Goods Sold (₦30,000). Prepare a trial balance.
A. Purchases: ₦50,000, Sales: ₦60,000, Cost of Goods Sold: ₦30,000
B. Purchases: ₦60,000, Sales: ₦50,000, Cost of Goods Sold: ₦30,000
C. Purchases: ₦50,000, Sales: ₦60,000, Cost of Goods Sold: ₦40,000
D. Purchases: ₦60,000, Sales: ₦50,000, Cost of Goods Sold: ₦40,000
Question 11
A company uses the double-entry system. On January 1, 2020, it had the following ledger accounts: Cash (₦100,000), Accounts Payable (₦50,000), and Common Stock (₦200,000). Prepare the journal entries for the following transactions: (1) Purchased office supplies for ₦20,000, (2) Sold merchandise for ₦30,000, and (3) Issued common stock for ₦50,000.
A. (1) Debit Office Supplies: ₦20,000, Credit Cash: ₦20,000; (2) Debit Sales: ₦30,000, Credit Accounts Receivable: ₦30,000; (3) Debit Cash: ₦50,000, Credit Common Stock: ₦50,000
B. (1) Debit Office Supplies: ₦20,000, Credit Cash: ₦20,000; (2) Debit Accounts Receivable: ₦30,000, Credit Sales: ₦30,000; (3) Debit Common Stock: ₦50,000, Credit Cash: ₦50,000
C. (1) Debit Cash: ₦20,000, Credit Office Supplies: ₦20,000; (2) Debit Sales: ₦30,000, Credit Accounts Receivable: ₦30,000; (3) Debit Cash: ₦50,000, Credit Common Stock: ₦50,000
D. (1) Debit Office Supplies: ₦20,000, Credit Cash: ₦20,000; (2) Debit Accounts Receivable: ₦30,000, Credit Sales: ₦30,000; (3) Debit Common Stock: ₦50,000, Credit Cash: ₦50,000
Question 12
A government agency has the following transactions: Revenue: ₦100,000, Expenditure: ₦80,000, and Capital Expenditure: ₦20,000. Prepare a statement of financial performance.
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 13
In a partnership with a 3:5:7 profit-sharing ratio, the total profit for the year is ₦1,500,000. If the profit for the year is divided in the ratio of 3:5:7, what is the amount of profit that will be shared by the partner with the 7:7 ratio?
A. ₦210,000
B. ₦350,000
C. ₦420,000
D. ₦490,000
Question 14
A company's cash book showed the following transactions for the year ended December 31, 2022: January 1: Cash at bank: ₦100,000 February 15: Cash received from customers: ₦50,000 March 20: Cash paid to suppliers: ₦30,000 April 10: Cash received from customers: ₦40,000 May 15: Cash paid to employees: ₦25,000 June 1: Cash at bank: ₦120,000 What is the company's total cash received from customers?
A. ₦90,000
B. ₦100,000
C. ₦110,000
D. ₦120,000
Question 15
A partnership account has two partners, A and B, with capital contributions of ₦50,000 and ₦30,000 respectively. The partnership has a profit of ₦20,000. Calculate the profit-sharing ratio between A and B.
A. ₦60,000:₦40,000
B. ₦55,000:₦45,000
C. ₦50,000:₦50,000
D. ₦40,000:₦60,000

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