POST UTME BOWEN UNIVERSITY 2019 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company has the following transactions: Purchased office supplies for ₦10,000, Sold goods for ₦50,000, Purchased equipment for ₦20,000. What is the net effect on the company's assets?
A. ₦60,000
B. ₦40,000
C. ₦60,000
D. ₦40,000
Question 2
A company has the following financial statements: Balance Sheet ₦100,000, Income Statement ₦50,000. What is the total equity of the company?
A. ₦150,000
B. ₦150,000
C. ₦150,000
D. ₦150,000
Question 3
A partnership is formed between two partners, A and B, with a capital of ₦200,000 and ₦300,000 respectively. After 2 years, the profit is divided in the ratio 2:3. Calculate the share of profit of partner A.
A. ₦40,000
B. ₦60,000
C. ₦80,000
D. ₦100,000
Question 4
A company uses the single entry system of accounting. The company's cash book shows a debit balance of ₦15,000. The company's bank statement shows a credit balance of ₦20,000. What is the correct journal entry to reconcile the two balances?
A. Debit Cash ₦15,000, Credit Bank ₦20,000
B. Debit Bank ₦20,000, Credit Cash ₦15,000
C. Debit Cash ₦20,000, Credit Bank ₦15,000
D. Debit Bank ₦15,000, Credit Cash ₦20,000
Question 5
A company uses the double-entry system to record its transactions. The company's trial balance shows a debit balance of ₦5,000 in the account 'Office Equipment' and a credit balance of ₦4,000 in the account 'Office Supplies'. What is the correct journal entry to record the adjustment for the difference between the two accounts?
A. ₦1,000 debit to Office Equipment and ₦1,000 credit to Office Supplies
B. ₦1,000 debit to Office Supplies and ₦1,000 credit to Office Equipment
C. ₦1,000 debit to Office Equipment and ₦1,000 credit to Cash
D. ₦1,000 debit to Office Supplies and ₦1,000 credit to Cash
Question 6
A company has the following ledger balances: Cash ₦50,000, Accounts Payable ₦20,000, Common Stock ₦100,000, Retained Earnings ₦30,000. What is the total equity of the company?
A. ₦180,000
B. ₦180,000
C. ₦180,000
D. ₦180,000
Question 7
A company uses the double entry system of accounting. The company's ledger shows the following balances: | Account | Debit | Credit | | --- | --- | --- | | Cash | 5,000 | | | Bank | | 10,000 | | Sales | | 20,000 | What is the correct journal entry to close the sales account?
A. Debit Sales ₦20,000, Credit Profit ₦20,000
B. Debit Profit ₦20,000, Credit Sales ₦20,000
C. Debit Sales ₦20,000, Credit Bank ₦20,000
D. Debit Bank ₦20,000, Credit Sales ₦20,000
Question 8
In a partnership account, the capital of a partner is increased by ₦50,000. If the original capital of the partner was ₦200,000, what is the new capital of the partner?
A. ₦250,000
B. ₦200,000
C. ₦250,500
D. ₦200,500
Question 9
A company has a departmental account that shows the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1/1 | Sales | ₦1000 | | | 1/2 | Purchases | | ₦500 | | 1/3 | Wages | ₦200 | | | 1/4 | Rent | | ₦300 | What is the net profit of the department?
A. ₦200
B. ₦300
C. ₦400
D. ₦500
Question 10
A company issues 1,000 debentures of ₦100 each at a premium of ₦10 per debenture. If the company receives a total of ₦120,000,000, how much of the amount will be credited to the debenture account?
A. ₦100,000,000
B. ₦120,000,000
C. ₦110,000,000
D. ₦90,000,000
Question 11
A company has a cash book that shows the following transactions: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1/1 | Cash | ₦1000 | | | 1/2 | Sales | | ₦2000 | | 1/3 | Purchases | ₦500 | | | 1/4 | Cash | | ₦1500 | What is the balance in the cash account?
A. ₦500
B. ₦1000
C. ₦1500
D. ₦2000
Question 12
A company purchases a machine for ₦500,000 and depreciates it by 10% per annum. Calculate the value of the machine after 3 years.
A. ₦300,000
B. ₦350,000
C. ₦400,000
D. ₦450,000
Question 13
A company uses the double-entry system of accounting. The company's accountant has recorded the following transactions in the ledger: | Date | Account | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | | 1,000 | | 15 Jan | Rent Expense | 200 | | | 20 Jan | Office Supplies | | 150 | | 25 Jan | Salaries Expense | | 800 | What is the total amount of debits and credits?
A. ₦2,150
B. ₦2,200
C. ₦2,000
D. ₦1,800
Question 14
A company's financial statements show the following information: | Account | Balance | | --- | --- | | Cash | 1,000 | | Accounts Payable | 1,500 | | Sales Revenue | 10,000 | | Cost of Goods Sold | 8,000 | What is the total amount of assets and liabilities?
A. ₦11,500
B. ₦12,000
C. ₦11,000
D. ₦10,500
Question 15
A company uses the single-entry system to record its transactions. The company's ledger shows a debit balance of ₦4,000 in the account 'Salaries Expense' and a credit balance of ₦3,000 in the account 'Cash'. What is the correct journal entry to record the adjustment for the difference between the two accounts?
A. ₦1,000 debit to Salaries Expense and ₦1,000 credit to Cash
B. ₦1,000 debit to Cash and ₦1,000 credit to Salaries Expense
C. ₦1,000 debit to Salaries Expense and ₦1,000 credit to Accounts Payable
D. ₦1,000 debit to Cash and ₦1,000 credit to Accounts Payable

Master the Exam!

You've seen a preview, but there are thousands more questions plus AI tutor to break down complex solutions.

Unlock Full Access Available for Android & Windows
Help others prepare! Share this practice hub: