POST UTME COAL CITY UNIVERSITY 2024 Accounting | Objective

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Question 1
A company uses the weighted average method to value its inventory. The company has three types of inventory: raw materials, work-in-progress, and finished goods. The raw materials have a cost of ₦100,000 and a weightage of 20%. The work-in-progress has a cost of ₦150,000 and a weightage of 30%. The finished goods have a cost of ₦200,000 and a weightage of 50%. What is the total value of the inventory?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 2
A company has the following transactions: Purchased raw materials for ₦100,000, purchased work-in-progress for ₦150,000, and sold finished goods for ₦200,000. The company uses the perpetual inventory system. What is the total value of the inventory?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 3
A company's cash book shows a balance of ₦150,000. However, the bank statement shows a balance of ₦180,000. What is the likely reason for the discrepancy?
A. The company has not yet deposited the cash into the bank.
B. The bank has not yet credited the company's account for the deposited cash.
C. The company has not yet paid the bank charges.
D. The company has not yet received the bank statement.
Question 4
A company's trading account shows a profit of ₦300,000. However, the profit and loss account shows a loss of ₦200,000. What is the likely reason for the discrepancy?
A. The company has not yet recorded the depreciation of assets.
B. The company has not yet recorded the provision for bad debts.
C. The company has not yet recorded the interest on loans.
D. The company has not yet recorded the sale of assets.
Question 5
A company's trial balance shows a debit balance of ₦15,000 in the 'Office Equipment' account. However, the company's accountant has forgotten to record a purchase of office equipment worth ₦10,000. What is the correct adjustment to be made to the trial balance?
A. ₦10,000 debit to 'Office Equipment' and ₦10,000 credit to 'Cash'
B. ₦10,000 credit to 'Office Equipment' and ₦10,000 debit to 'Cash'
C. ₦10,000 debit to 'Office Equipment' and ₦10,000 credit to 'Office Expenses'
D. ₦10,000 credit to 'Office Equipment' and ₦10,000 debit to 'Office Expenses'
Question 6
A company issued 10,000 shares of ₦1 each at a premium of ₦0.50 per share. Calculate the total amount received from the issue of shares.
A. ₦0,500
B. ₦1,000
C. ₦1,050
D. ₦1,500
Question 7
A company's cash book shows a balance of ₦200,000. However, the bank statement shows a balance of ₦250,000. What is the likely reason for the discrepancy?
A. The company has not yet deposited the cash into the bank.
B. The bank has not yet credited the company's account for the deposited cash.
C. The company has not yet paid the bank charges.
D. The company has not yet received the bank statement.
Question 8
A company's trial balance showed the following balances: Accounts Payable ₦0,000, Sales Revenue ₦1,500, Cost of Goods Sold ₦0,000, and Common Stock ₦1,000. Prepare a balance sheet for the company.
A. { "Assets": { "Accounts Payable": 100000, "Cash": 15000, "Common Stock": 100000 }, "Liabilities": { "Accounts Payable": 100000 } }
B. { "Assets": { "Accounts Payable": 100000, "Cash": 15000, "Common Stock": 100000 }, "Liabilities": { "Accounts Payable": 100000 }, "Equity": { "Common Stock": 100000 } }
C. { "Assets": { "Accounts Payable": 100000, "Cash": 15000, "Common Stock": 100000 }, "Liabilities": { "Accounts Payable": 100000 }, "Equity": { "Common Stock": 100000, "Retained Earnings": 15000 } }
D. { "Assets": { "Accounts Payable": 100000, "Cash": 15000, "Common Stock": 100000 }, "Liabilities": { "Accounts Payable": 100000 }, "Equity": { "Common Stock": 100000, "Retained Earnings": 15000 }, "Revenue": { "Sales Revenue": 15000 } }
Question 9
A company's manufacturing department has a production cost of ₦150,000 and a selling price of ₦250,000. If the company sells 500 units, what is the gross profit?
A. ₦250,000
B. ₦375,000
C. ₦500,000
D. ₦750,000
Question 10
A company issued 10,000 shares of £ 1 each at a premium of £ 0.50 per share. Calculate the total amount received from the issue of shares.
A. ₦12,500
B. ₦12,000
C. ₦11,500
D. ₦11,000
Question 11
A company's balance sheet shows the following assets: | Asset | Value | | --- | --- | | Cash | 10,000 | | Debtors | 20,000 | | Stock | 30,000 | | Plant and Machinery | 40,000 | What is the total value of the assets?
A. ₦100,000
B. ₦120,000
C. ₦140,000
D. ₦160,000
Question 12
A company has the following transactions: Purchased raw materials for ₦100,000, purchased work-in-progress for ₦150,000, and sold finished goods for ₦200,000. The company uses the periodic inventory system. What is the total value of the inventory?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 13
A company has the following transactions: Purchased raw materials for ₦100,000, purchased work-in-progress for ₦150,000, and sold finished goods for ₦200,000. The company uses the weighted average method to value its inventory. What is the total value of the inventory?
A. ₦150,000
B. ₦200,000
C. ₦250,000
D. ₦300,000
Question 14
A company's cash book shows the following transactions: | Date | Particulars | Debit | Credit | | --- | --- | --- | --- | | 1 Jan | Cash | 1,000 | | | 2 Jan | Bank | | 500 | | 3 Jan | Cash | | 200 | | 4 Jan | Bank | | 300 | | 5 Jan | Cash | | 100 | What is the balance in the cash book?
A. ₦1,300
B. ₦1,400
C. ₦1,500
D. ₦1,600
Question 15
A company's balance sheet shows a total assets of ₦500,000 and a total liabilities of ₦300,000. What is the likely reason for the discrepancy?
A. The company has not yet recorded the depreciation of assets.
B. The company has not yet recorded the provision for bad debts.
C. The company has not yet recorded the interest on loans.
D. The company has not yet recorded the sale of assets.

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