POST UTME CHRISTOPHER UNIVERSITY 2021 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company's cash book shows a balance of ₦12,000. The bank statement shows a balance of ₦14,000. What is the difference between the two balances?
A. ₦1,000
B. ₦2,000
C. ₦3,000
D. ₦4,000
Question 2
A government agency's financial statements showed a surplus of 10,000. The agency's accountant prepared the following schedule to analyze the surplus:
A. The surplus is due to an increase in revenue.
B. The surplus is due to a decrease in expenses.
C. The surplus is due to an increase in assets.
D. The surplus is due to a decrease in liabilities.
Question 3
A company's cash book shows a balance of ₦8,000. The bank statement shows a balance of ₦10,000. What is the difference between the two balances?
A. ₦1,000
B. ₦2,000
C. ₦3,000
D. ₦4,000
Question 4
A company uses the job costing method to account for its manufacturing costs. The company has two departments: Cutting and Assembly. The Cutting department has a direct labor cost of ₦120,000 and an overhead cost of ₦80,000. The Assembly department has a direct labor cost of ₦150,000 and an overhead cost of ₦100,000. What is the total manufacturing cost of the company?
A. ₦370,000
B. ₦420,000
C. ₦470,000
D. ₦520,000
Question 5
A company maintains a cash book and a general ledger. The cash book shows a balance of ₦12,500, while the general ledger shows a balance of ₦15,000. The bank statement shows a balance of ₦18,000. What is the correct balance of the company's cash account?
A. ₦12,500
B. ₦15,000
C. ₦18,000
D. ₦20,000
Question 6
A company uses a self-balancing ledger to record its transactions. The ledger shows the following accounts: Sales ₦100,000, Purchases ₦80,000, and Capital ₦120,000. What is the correct balance of the company's profit and loss account?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 7
A company's trial balance shows the following accounts: Debitors ₦50,000, Creditors ₦30,000, Capital ₦100,000, and Profit and Loss Account ₦20,000. What is the correct balance of the company's equity?
A. ₦120,000
B. ₦130,000
C. ₦140,000
D. ₦150,000
Question 8
A company's trial balance showed a discrepancy of 1,000 between the debit and credit sides. The company's accountant suspected that the discrepancy was due to an error in the journal entry for the purchase of office equipment. The accountant prepared the following schedule to investigate the discrepancy:
A. The discrepancy is due to an error in the journal entry for the purchase of office equipment.
B. The discrepancy is due to an error in the journal entry for the sale of office equipment.
C. The discrepancy is due to an error in the journal entry for the purchase of office supplies.
D. The discrepancy is due to an error in the journal entry for the sale of office supplies.
Question 9
A company has the following trial balance as at December 31, 2022: | Account | Debit | Credit | | --- | --- | --- | | Cash | ₦100,000 | | | Accounts Payable | | ₦50,000 | | Sales Revenue | | ₦200,000 | | Cost of Goods Sold | ₦150,000 | | | Net Income | | ₦50,000 | | Total | ₦150,000 | ₦300,000 | What is the correct balance of the Cash account?
A. ₦100,000
B. ₦150,000
C. ₦200,000
D. ₦250,000
Question 10
A company's trial balance shows an error of ₦1,500 in the accounts payable account. The correct balance should be ₦12,000. What is the correct balance in the accounts receivable account?
A. ₦10,500
B. ₦11,000
C. ₦12,500
D. ₦13,000
Question 11
A company's balance sheet as at 31st December 2020 shows the following: Equity Share Capital ₦1,000,000, Retained Earnings ₦500,000, and Accumulated Depreciation ₦200,000. Calculate the company's net worth.
A. ₦1,300,000
B. ₦1,500,000
C. ₦1,700,000
D. ₦2,000,000
Question 12
A company maintains an incomplete records system to record its transactions. The system shows the following accounts: Sales ₦200,000, Purchases ₦150,000, and Capital ₦250,000. What is the correct balance of the company's profit and loss account?
A. ₦50,000
B. ₦60,000
C. ₦70,000
D. ₦80,000
Question 13
A company issued 10,000 shares of 1 par value at a premium of 3 per share. The proceeds from the issue were credited to a share capital account. Prepare the journal entry to record the issue of the shares.
A. Debit Share Capital 30,000, Credit Cash 30,000
B. Debit Share Capital 30,000, Credit Share Premium 30,000
C. Debit Share Capital 10,000, Credit Cash 10,000
D. Debit Share Capital 10,000, Credit Share Premium 10,000
Question 14
A company's trial balance shows an error of ₦3,000 in the accounts payable account. The correct balance should be ₦18,000. What is the correct balance in the accounts receivable account?
A. ₦15,000
B. ₦16,000
C. ₦17,000
D. ₦18,000
Question 15
A company's assets are depreciated using the straight-line method. The company's accountant prepared the following schedule to calculate the depreciation for the year:
A. Depreciation expense = 10,000, Accumulated depreciation = 10,000
B. Depreciation expense = 5,000, Accumulated depreciation = 5,000
C. Depreciation expense = 15,000, Accumulated depreciation = 15,000
D. Depreciation expense = 20,000, Accumulated depreciation = 20,000

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