POST UTME COAL CITY UNIVERSITY 2020 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, Accounts Receivable ₦30,000, and Common Stock ₦100,000. What is the total amount of the company's assets?
A. ₦180,000
B. ₦200,000
C. ₦220,000
D. ₦240,000
Question 2
A company's trial balance shows the following accounts: Sales ₦500,000, Cost of Goods Sold ₦300,000, and Profit ₦200,000. What is the correct balance in the Profit account?
A. ₦200,000
B. ₦300,000
C. ₦400,000
D. ₦500,000
Question 3
A company prepares its financial statements for the year ended December 31, 2020. The company's trial balance shows a debit balance of ₦20,000 in the account 'Depreciation Expense'. However, the company's financial statements show a credit balance of ₦15,000 in the same account. What is the correct treatment of this discrepancy?
A. Debit the Depreciation Expense account by ₦15,000 and credit the Accumulated Depreciation account by ₦15,000.
B. Credit the Depreciation Expense account by ₦15,000 and debit the Accumulated Depreciation account by ₦15,000.
C. Debit the Depreciation Expense account by ₦20,000 and credit the Accumulated Depreciation account by ₦20,000.
D. Credit the Depreciation Expense account by ₦20,000 and debit the Accumulated Depreciation account by ₦20,000.
Question 4
A company's income statement for the year ended December 31, 2022, shows the following: Revenue ₦500,000, Cost of Goods Sold ₦300,000, and Net Income ₦150,000. What is the company's gross profit?
A. ₦200,000
B. ₦250,000
C. ₦300,000
D. ₦350,000
Question 5
The partners in a partnership firm share profits and losses in the ratio of 3:5:7. If the total profit for the year is ₦1,500,000, calculate the amount of profit that will be shared by each partner.
A. ₦225,000
B. ₦375,000
C. ₦525,000
D. ₦675,000
Question 6
A company's cash book shows a balance of ₦150,000, but the bank statement shows a balance of ₦120,000. The bank charges a service fee of ₦5,000 and a minimum balance fee of ₦2,000. The company's cash book also shows a deposit of ₦20,000 and a withdrawal of ₦30,000. What is the correct balance in the company's cash book after reconciliation?
A. ₦137,000
B. ₦142,000
C. ₦147,000
D. ₦152,000
Question 7
A company's trial balance shows a debit balance of ₦15,000 in the account 'Rent Received'. However, the company's financial statements show a credit balance of ₦10,000 in the same account. What is the correct treatment of this discrepancy?
A. Debit the Rent Received account by ₦10,000 and credit the Rent Paid account by ₦10,000.
B. Credit the Rent Received account by ₦10,000 and debit the Rent Paid account by ₦10,000.
C. Debit the Rent Received account by ₦15,000 and credit the Rent Paid account by ₦15,000.
D. Credit the Rent Received account by ₦15,000 and debit the Rent Paid account by ₦15,000.
Question 8
A company's cash book shows a balance of ₦150,000, but the bank statement shows a balance of ₦120,000. The bank charges a service fee of ₦5,000 and a minimum balance fee of ₦2,000. The company's cash book also shows a deposit of ₦20,000 and a withdrawal of ₦30,000. What is the correct balance in the company's cash book after reconciliation?
A. ₦137,000
B. ₦142,000
C. ₦147,000
D. ₦152,000
Question 9
The following is a partial ledger for a business for the year ended December 31, 2020:
A. ₦50,000
B. ₦75,000
C. ₦100,000
D. ₦125,000
Question 10
The following is a partial cash book for a business for the year ended December 31, 2020:
A. ₦10,000
B. ₦20,000
C. ₦30,000
D. ₦40,000
Question 11
A company issued 10,000 shares of 1 par value at a premium of 2 per share. Calculate the total amount received from the issue of shares.
A. ₦20,000,000
B. ₦22,000,000
C. ₦24,000,000
D. ₦26,000,000
Question 12
A partnership has two partners, A and B. The capital accounts of A and B are ₦50,000 and ₦30,000 respectively. The profit-sharing ratio is 3:2. What is the amount of profit to be distributed to partner A?
A. ₦45,000
B. ₦30,000
C. ₦60,000
D. ₦20,000
Question 13
A company issued 10,000 shares of 1 par value at a premium of 2 per share. Calculate the total amount received from the issue of shares.
A. ₦20,000,000
B. ₦22,000,000
C. ₦24,000,000
D. ₦26,000,000
Question 14
A company's cash book shows the following transactions: Cash received from customers ₦100,000, Cash paid to suppliers ₦50,000, and Cash paid to employees ₦30,000. What is the company's net cash inflow?
A. ₦20,000
B. ₦30,000
C. ₦40,000
D. ₦50,000
Question 15
A government agency's balance sheet shows the following: Assets ₦1,000,000, Liabilities ₦500,000, and Equity ₦500,000. What is the agency's debt-to-equity ratio?
A. 1:1
B. 2:1
C. 3:1
D. 4:1

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