POST UTME CHRISTOPHER UNIVERSITY 2024 Accounting | Objective

Practice these randomly selected questions to test your readiness.

Question 1
A company issued 5% debentures of ₦100,000 at a premium of 10%. Calculate the annual interest payable on the debentures.
A. ₦5,000
B. ₦5,500
C. ₦6,000
D. ₦6,500
Question 2
A company prepares a trial balance. The trial balance shows the following balances: Cash ₦100,000, Accounts Receivable ₦50,000. What is the correct journal entry to record the transaction: Debit Cash ₦20,000, Credit Accounts Receivable ₦20,000?
A. Debit Cash ₦20,000, Credit Accounts Receivable ₦20,000
B. Debit Accounts Receivable ₦20,000, Credit Cash ₦20,000
C. Debit Cash ₦20,000, Credit Accounts Receivable ₦20,000, Debit Accounts Receivable ₦20,000
D. Debit Accounts Receivable ₦20,000, Credit Cash ₦20,000, Credit Accounts Receivable ₦20,000
Question 3
A company's balance sheet shows the following balances: Cash ₦50,000, Accounts Payable ₦100,000, Common Stock ₦300,000, and Retained Earnings ₦200,000. What is the total amount of liabilities and equity?
A. ₦650,000
B. ₦700,000
C. ₦750,000
D. ₦800,000
Question 4
A company issued 10,000 shares of 2 par value at a premium of 5 per share. Calculate the total amount received from the issue of shares.
A. ₦500,000
B. ₦1,000,000
C. ₦1,500,000
D. ₦2,000,000
Question 5
A company uses the double entry system to record its transactions. If the company purchases office equipment for ₦120,000, what is the effect on the accounting equation?
A. Assets increase, Liabilities decrease
B. Assets increase, Equity increases
C. Assets decrease, Liabilities increase
D. Assets decrease, Equity decreases
Question 6
A company's cash book shows a balance of ₦250,000. However, the bank statement shows a balance of ₦280,000. The difference of ₦30,000 is due to a dishonored cheque of ₦15,000 and a bank charge of ₦15,000. What is the correct balance in the cash book?
A. ₦250,000
B. ₦260,000
C. ₦270,000
D. ₦280,000
Question 7
A company has two departments: A and B. Department A has a balance of ₦100,000 in its control account, and Department B has a balance of ₦50,000 in its control account. The company's total assets are ₦500,000. What is the balance in the company's capital account?
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 8
A company has the following trial balance: Accounts Payable: ₦20,000; Accounts Receivable: ₦15,000; Common Stock: ₦50,000; Dividends: ₦5,000; Equipment: ₦30,000; Fees Earned: ₦60,000; Interest Expense: ₦2,000; Interest Income: ₦1,000; Net Income: ₦10,000; Salaries Expense: ₦20,000; Sales: ₦80,000; Utilities Expense: ₦5,000. Prepare a balance sheet for the company.
A. {\"Assets\": {\"Cash\": 0, \"Accounts Receivable\": 15000, \"Equipment\": 30000, \"Accounts Payable\": 20000}, \"Liabilities\": {\"Common Stock\": 50000, \"Dividends\": 5000}, \"Equity\": {\"Net Income\": 10000, \"Salaries Expense\": 20000, \"Fees Earned\": 60000, \"Interest Expense\": 2000, \"Interest Income\": 1000, \"Utilities Expense\": 5000, \"Sales\": 80000}}
B. {\"Assets\": {\"Cash\": 0, \"Accounts Receivable\": 15000, \"Equipment\": 30000, \"Accounts Payable\": 20000}, \"Liabilities\": {\"Common Stock\": 50000, \"Dividends\": 5000}, \"Equity\": {\"Net Income\": 10000, \"Salaries Expense\": 20000, \"Fees Earned\": 60000, \"Interest Expense\": 2000, \"Interest Income\": 1000, \"Utilities Expense\": 5000, \"Sales\": 80000, \"Accounts Payable\": 20000}}
C. {\"Assets\": {\"Cash\": 0, \"Accounts Receivable\": 15000, \"Equipment\": 30000, \"Accounts Payable\": 20000}, \"Liabilities\": {\"Common Stock\": 50000, \"Dividends\": 5000}, \"Equity\": {\"Net Income\": 10000, \"Salaries Expense\": 20000, \"Fees Earned\": 60000, \"Interest Expense\": 2000, \"Interest Income\": 1000, \"Utilities Expense\": 5000, \"Sales\": 80000, \"Accounts Payable\": 20000, \"Equipment\": 30000}}
D. {\"Assets\": {\"Cash\": 0, \"Accounts Receivable\": 15000, \"Equipment\": 30000, \"Accounts Payable\": 20000}, \"Liabilities\": {\"Common Stock\": 50000, \"Dividends\": 5000}, \"Equity\": {\"Net Income\": 10000, \"Salaries Expense\": 20000, \"Fees Earned\": 60000, \"Interest Expense\": 2000, \"Interest Income\": 1000, \"Utilities Expense\": 5000, \"Sales\": 80000, \"Accounts Payable\": 20000, \"Equipment\": 30000, \"Accounts Receivable\": 15000}}
Question 9
A company maintains a cash book and a general ledger. The cash book shows a balance of ₦150,000 on December 31, 2023, while the bank statement shows a balance of ₦120,000 on the same date. The bank statement also shows a debit of ₦30,000 for a dishonored check. What is the correct journal entry to reconcile the cash book and the bank statement?
A. Debit Cash ₦30,000, Credit Bank ₦30,000
B. Debit Bank ₦30,000, Credit Cash ₦30,000
C. Debit Cash ₦30,000, Credit Bank ₦30,000, Credit Cash ₦30,000
D. Debit Bank ₦30,000, Credit Cash ₦30,000, Debit Cash ₦30,000
Question 10
A company has two partners, A and B, who share profits in the ratio 3:2. If the total profit for the year is ₦120,000, calculate the amount of profit that partner A will receive.
A. ₦60,000
B. ₦48,000
C. ₦72,000
D. ₦90,000
Question 11
A company's trial balance shows the following balances: Accounts Payable ₦100,000, Sales Revenue ₦500,000, Cost of Goods Sold ₦200,000, and Common Stock ₦300,000. What is the total amount of assets?
A. ₦700,000
B. ₦800,000
C. ₦900,000
D. ₦1,000,000
Question 12
A company issued 5,000 shares of ₦1 each at a premium of ₦0.25 per share. The company also issued 2,000 debentures of ₦100 each. Calculate the total amount received from the issue of shares and debentures.
A. ₦12,500
B. ₦15,000
C. ₦17,500
D. ₦20,000
Question 13
A company maintains a self-balancing ledger. The ledger shows the following balances: Cash ₦100,000, Accounts Receivable ₦50,000. What is the correct journal entry to record the transaction: Debit Cash ₦20,000, Credit Accounts Receivable ₦20,000?
A. Debit Cash ₦20,000, Credit Accounts Receivable ₦20,000
B. Debit Accounts Receivable ₦20,000, Credit Cash ₦20,000
C. Debit Cash ₦20,000, Credit Accounts Receivable ₦20,000, Debit Accounts Receivable ₦20,000
D. Debit Accounts Receivable ₦20,000, Credit Cash ₦20,000, Credit Accounts Receivable ₦20,000
Question 14
A firm's trial balance showed an error of ₦1,000. The error was discovered in the journal entry dated 31st December. The journal entry was posted on 15th January. Calculate the correction to be made in the ledger accounts.
A. ₦1,000 debit
B. ₦1,000 credit
C. ₦500 debit and ₦500 credit
D. ₦500 debit and ₦500 credit on 15th January
Question 15
Determine the value of x in the equation ( rac{x}{2} + 5 = 11 ).
A. 6
B. 12
C. 18
D. 24

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