POST UTME BSU 2019 Accounting | Objective

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Question 1
A public sector organization has the following transactions for the month of January: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 10,000 | | | 5 Jan | Office Supplies | | 2,000 | | 10 Jan | Salaries | | 30,000 | | 15 Jan | Rent | | 5,000 | | 20 Jan | Cash | | 15,000 | What is the total amount of equity?
A. ₦42,000
B. ₦47,000
C. ₦52,000
D. ₦57,000
Question 2
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦150,000. The difference is due to a bank error. The company's accountant has identified a deposit of ₦30,000 that was not recorded in the cash book. What is the correct balance in the cash book?
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 3
A company's trial balance showed an error of ₦1,000 in the debit side of the cash account. The correct balance of the cash account is ₦20,000. Prepare the necessary journal entry to rectify the error.
A. Debit Cash ₦1,000, Credit Bank ₦1,000
B. Debit Bank ₦1,000, Credit Cash ₦1,000
C. Debit Cash ₦1,000, Credit Profit and Loss Account ₦1,000
D. Credit Cash ₦1,000, Debit Profit and Loss Account ₦1,000
Question 4
A company has the following transactions: Purchased office supplies for ₦10,000, Paid salaries of ₦20,000, and Collected cash from customers of ₦30,000. What is the total amount of cash transactions?
A. ₦40,000
B. ₦30,000
C. ₦20,000
D. ₦10,000
Question 5
A company issued 10,000, 7% debentures of ₦100 each at a premium of ₦10. Calculate the total amount received from the issue of these debentures.
A. ₦1,000,000
B. ₦1,100,000
C. ₦1,200,000
D. ₦1,300,000
Question 6
In a partnership account, the capital of each partner is shown on the balance sheet at its
A. cost
B. cost plus accumulated profits
C. cost plus accumulated losses
D. market value
Question 7
A partnership is formed between two individuals, A and B, with a capital contribution of ₦100,000 each. After one year, the partnership makes a profit of ₦50,000. How much of the profit will each partner receive?
A. ₦25,000
B. ₦50,000
C. ₦75,000
D. ₦100,000
Question 8
A company's trading account for the year shows a profit of ₦150,000. The balance sheet shows a current liability of ₦80,000 and a non-current liability of ₦120,000. What is the company's net worth?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 9
A company has a capital of ₦1,000,000 divided into 10,000 shares of ₦100 each. If the company issues 5,000, 5% debentures of ₦100 each, what is the amount of interest payable annually?
A. ₦25,000
B. ₦25,000
C. ₦25,000
D. ₦25,000
Question 10
A company has the following transactions: Purchased raw materials for ₦50,000, Sold goods for ₦100,000, and Paid salaries of ₦20,000. What is the total amount of expenses?
A. ₦70,000
B. ₦80,000
C. ₦90,000
D. ₦100,000
Question 11
A company uses the double-declining balance method of depreciation for its assets. If the asset's cost is ₦150,000 and its useful life is 5 years, what is the annual depreciation charge?
A. ₦30,000
B. ₦25,000
C. ₦20,000
D. ₦18,000
Question 12
A company's trial balance shows a debit balance of ₦50,000 in the 'Rent Expense' account. However, the company's accounting records show that it has paid ₦60,000 in rent for the year. What is the correct journal entry to correct this error?
A. ₦50,000 debit to 'Rent Expense' and ₦60,000 credit to 'Cash'
B. ₦50,000 credit to 'Rent Expense' and ₦60,000 debit to 'Cash'
C. ₦10,000 debit to 'Rent Expense' and ₦10,000 credit to 'Cash'
D. ₦60,000 debit to 'Rent Expense' and ₦50,000 credit to 'Cash'
Question 13
A public sector organization has the following transactions for the month of January: | Date | Description | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 10,000 | | | 5 Jan | Office Supplies | | 2,000 | | 10 Jan | Salaries | | 30,000 | | 15 Jan | Rent | | 5,000 | | 20 Jan | Cash | | 15,000 | What is the total amount of assets?
A. ₦52,000
B. ₦57,000
C. ₦62,000
D. ₦67,000
Question 14
A company's cash book shows a balance of ₦120,000. However, the bank statement shows a balance of ₦150,000. The difference is due to a bank error. The company's accountant has identified a deposit of ₦30,000 that was not recorded in the cash book. What is the correct balance in the cash book?
A. ₦120,000
B. ₦150,000
C. ₦180,000
D. ₦200,000
Question 15
A company has the following ledger accounts: Cash, Accounts Payable, Sales Revenue, and Cost of Goods Sold. Which of the following is a type of ledger account?
A. Asset account
B. Liability account
C. Equity account
D. Revenue account

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