POST UTME BOWEN UNIVERSITY 2024 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦120,000, and Common Stock ₦150,000. What is the correct journal entry to record the purchase of goods on credit from a supplier?
A. Debit Accounts Payable ₦50,000, Credit Cost of Goods Sold ₦120,000
B. Debit Sales Revenue ₦200,000, Credit Common Stock ₦150,000
C. Debit Accounts Payable ₦50,000, Credit Cost of Goods Sold ₦120,000
D. Debit Sales Revenue ₦200,000, Credit Accounts Payable ₦50,000
Question 2
A company uses the double-entry system to record its transactions. The company purchases office supplies for ₦10,000 and pays salaries of ₦50,000. What is the correct journal entry to record these transactions?
A. Debit Office Supplies ₦10,000, Debit Salaries ₦50,000, Credit Cash ₦60,000
B. Debit Office Supplies ₦10,000, Credit Salaries ₦50,000, Debit Cash ₦60,000
C. Debit Office Supplies ₦10,000, Credit Salaries ₦50,000, Credit Cash ₦60,000
D. Debit Salaries ₦50,000, Debit Cash ₦60,000, Credit Office Supplies ₦10,000
Question 3
A company's trial balance shows the following balances: Accounts Payable ₦150,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦200,000, and Common Stock ₦300,000. What is the company's net income?
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 4
A company uses the single-entry system to record its transactions. The company receives rent of ₦20,000 and pays salaries of ₦50,000. What is the correct journal entry to record these transactions?
A. Debit Rent Received ₦20,000, Debit Salaries ₦50,000, Credit Cash ₦70,000
B. Debit Rent Received ₦20,000, Credit Salaries ₦50,000, Debit Cash ₦70,000
C. Debit Rent Received ₦20,000, Credit Salaries ₦50,000, Credit Cash ₦70,000
D. Debit Salaries ₦50,000, Debit Cash ₦70,000, Credit Rent Received ₦20,000
Question 5
A company has a cash book balance of ₦80,000 and a bank balance of ₦30,000. The cash book shows a debit balance of ₦20,000 and a credit balance of ₦40,000. The bank statement shows a debit balance of ₦25,000 and a credit balance of ₦35,000. Calculate the correct balance of the company's cash and bank accounts.
A. ₦110,000
B. ₦120,000
C. ₦130,000
D. ₦140,000
Question 6
A company issued 10,000 shares of ₦10 each at a premium of ₦5 per share. If the company received a total of ₦1,500,000, what is the amount received from the issue of shares?
A. ₦1,000,000
B. ₦1,200,000
C. ₦1,500,000
D. ₦1,800,000
Question 7
A company has a trial balance that shows the following balances: Accounts Payable ₦50,000, Accounts Receivable ₦30,000, and Common Stock ₦100,000. The company's assets are ₦200,000 and its liabilities are ₦150,000. Calculate the company's net worth.
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 8
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦120,000, and Common Stock ₦150,000. What is the correct journal entry to record the sale of goods on credit to a customer?
A. Debit Accounts Payable ₦50,000, Credit Sales Revenue ₦200,000
B. Debit Sales Revenue ₦200,000, Credit Cost of Goods Sold ₦120,000
C. Debit Accounts Payable ₦50,000, Credit Cost of Goods Sold ₦120,000
D. Debit Sales Revenue ₦200,000, Credit Common Stock ₦150,000
Question 9
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦120,000, and Common Stock ₦150,000. What is the correct journal entry to record the purchase of goods on credit from a supplier?
A. Debit Accounts Payable ₦50,000, Credit Cost of Goods Sold ₦120,000
B. Debit Sales Revenue ₦200,000, Credit Common Stock ₦150,000
C. Debit Accounts Payable ₦50,000, Credit Cost of Goods Sold ₦120,000
D. Debit Sales Revenue ₦200,000, Credit Accounts Payable ₦50,000
Question 10
A company's trial balance shows the following balances: Accounts Payable ₦50,000, Sales Revenue ₦200,000, Cost of Goods Sold ₦120,000, and Common Stock ₦150,000. What is the correct journal entry to record the sale of goods on credit to a customer?
A. Debit Accounts Payable ₦50,000, Credit Sales Revenue ₦200,000
B. Debit Sales Revenue ₦200,000, Credit Cost of Goods Sold ₦120,000
C. Debit Accounts Payable ₦50,000, Credit Cost of Goods Sold ₦120,000
D. Debit Sales Revenue ₦200,000, Credit Common Stock ₦150,000
Question 11
A company uses the weighted average method to value its inventory. If the company has three types of inventory with the following quantities and costs: Type A (100 units, ₦50 each), Type B (200 units, ₦75 each), and Type C (300 units, ₦100 each), what is the total value of the inventory?
A. ₦35,000
B. ₦40,000
C. ₦45,000
D. ₦50,000
Question 12
A company has a cash book balance of ₦50,000 and a bank balance of ₦20,000. The cash book shows a debit balance of ₦10,000 and a credit balance of ₦30,000. The bank statement shows a debit balance of ₦15,000 and a credit balance of ₦25,000. Calculate the correct balance of the company's cash and bank accounts.
A. ₦70,000
B. ₦80,000
C. ₦90,000
D. ₦100,000
Question 13
A company's manufacturing account shows a cost of goods sold of ₦300,000 and a direct labor cost of ₦120,000. If the company's overheads are ₦180,000, what is the company's prime cost?
A. ₦420,000
B. ₦480,000
C. ₦540,000
D. ₦600,000
Question 14
A company has two departments: Manufacturing and Sales. The Manufacturing department has a fixed cost of ₦1,500,000 and a variable cost of ₦5 per unit produced. The Sales department has a fixed cost of ₦800,000 and a commission of 10% on sales. If the company sold 10,000 units at ₦200 each, what is the total profit?
A. ₦2,500,000
B. ₦3,200,000
C. ₦4,000,000
D. ₦5,500,000
Question 15
A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received'. However, the company's accounting records show that it has not received any rent from its tenants. What is the correct journal entry to correct this error?
A. Debit Rent Received ₦15,000, Credit Rent Received ₦15,000
B. Debit Rent Received ₦15,000, Credit Cash ₦15,000
C. Debit Rent Received ₦15,000, Credit Profit or Loss on Error ₦15,000
D. Debit Cash ₦15,000, Credit Rent Received ₦15,000

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